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Shlomi Avdoo Secures $47 Million Construction Loan From Valley National Bank For Development Site In Cobble Hill
FINANCED
$47,000,000
New York
See Similar DealsDevelopment Site
Financed 08/18/2025
FINANCED
Shlomi Avdoo Secures $47 Million Construction Loan From Valley National Bank For Development Site In Cobble Hill
110 Boerum Place
See Similar DealsDevelopment Site
Financed 08/18/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 110 Boerum Place in Cobble Hill, Brooklyn. The property is part of a 21-unit condo project, with a loan amount of $47 million secured for construction purposes.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $47,000,000
- Lender: Valley National Bank
- Landlord: Shlomi Avdoo - Avdoo & Partners
- Loan Type: Construction
Shlomi Avdoo represents Avdoo & Partners, the landlord for this development project. This arrangement highlights the involvement of a key individual in the financing and development process for the new condo project in Brooklyn.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$47,000,000.00
Monthly NOI$313,333.33
Monthly Debt Service$297,071.97
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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