Updated Oct 10, 2026
Royal Builders Secures $34.5 Million Construction Loan From Fairbridge Asset Management In Sheepshead Bay
1505 Emmons Avenue
$34,500,000
Units
51
Asset Type
Development Site
Closing
Dec 31, 2025
About this deal
AI
The property asset involved in the transaction is a development site located at 1505 Emmons Avenue in Sheepshead Bay, featuring a building square footage of 50,808. This site is part of a larger development initiative that includes a 51-unit residential building and an eight-story community facility, with a total loan amount of $34,500,000 secured for the project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $34,500,000
- Asset Address: 1505 Emmons Avenue
- Market: Sheepshead Bay
- Lender: Jeffrey Keith - Fairbridge Asset Management
- Landlord: Royal Builders
- Loan Type: Construction
- Adjacent Site Address: 1517 Emmons Avenue
- Residential Units: 51
- Community Facility: Eight-story
Key individuals in this transaction include Jeffrey Keith from Fairbridge Asset Management, who serves as the lender, and Royal Builders, represented as the landlord in this construction loan agreement for the two adjacent development projects.
On the Map
$34,500,000
Development Site
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Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.46%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93