Carlyle Group Acquires Development Site In Brownsville For $31.8M Loan From Santander Bank
1203 East New York Avenue, Ocean Hill, Brooklyn, NY, USA
$31,845,000
$359/SF
Building Size
88,698 SF
Asset Type
Development Site
Closing
Aug 18, 2021
AI
A development site located at 1203 East New York Avenue in Brownsville has been involved in a recent loan transaction. The property has a buildable square footage (BSF) of 88,698 and is owned by Peterr Clare & Kewsong Lee of Carlyle Group. The loan, amounting to $31,845,000, was provided by Santander Bank and falls under the category of construction loans.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $31,845,000
- Address: 1203 East New York Avenue
- Market: Brownsville
- Asset Type: Development Site
- BSF: 88,698
Santander Bank acted as the lender for this transaction, providing financial support for the development of the property. Peterr Clare & Kewsong Lee, representing the Carlyle Group, served as the landlords in this deal.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93