Michael Gendin Lands $5 Million Construction Loan For Development Site At 11 5th Street
FINANCED
$5,000,000
New York
See Similar DealsDevelopment Site
Financed 05/18/2026
FINANCED
Michael Gendin Lands $5 Million Construction Loan For Development Site At 11 5th Street
11 5th Street
See Similar DealsDevelopment Site
Financed 05/18/2026
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The property asset involved is a development site located at 11 5th Street in Brooklyn, featuring a building square footage of 13,200. The loan amount secured for this property is $5,000,000, classified as a construction loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,000,000
- Asset Address: 11 5th Street
- Market: Brooklyn
- Lender: Michael Hakimian, Sammy Hakimian & Daniel Nadri - Hakimian Capital
- Landlord: Michael Gendin - 11 Fifth
- Loan Type: Construction
The deal involves key individuals representing the lending entity and the landlord. Michael Hakimian, Sammy Hakimian, and Daniel Nadri are associated with Hakimian Capital, while Michael Gendin represents the landlord entity known as 11 Fifth.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$5,000,000.00
Monthly NOI$33,333.33
Monthly Debt Service$31,603.40
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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