Updated Mar 11, 2025
Zyssel Reiner's 1530 60th LLC Secures $17M Construction Loan From Ponce Bank For Bensonhurst Development
1514 60th Street
$17,000,000
Building Size
—
Asset Type
Development Site
Closing
Nov 7, 2023
About this deal
AI
Zyssel Reiner, represented by the entity 1530 60th LLC, has secured a $17 million construction loan from Ponce Bank. The loan will be used for the development of a building at 1514 60th Street in Bensonhurst, Brooklyn. The development site has a building square footage (BSF) of 54,025 and is located in the Bensonhurst market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $17,000,000
- Lender: Ponce Bank
- Landlord: Zyssel Reiner
Zyssel Reiner, represented by the entity 1530 60th LLC, has secured a $17 million construction loan from Ponce Bank for the development of a building at 1514 60th Street in Bensonhurst, Brooklyn. The loan will facilitate the construction and development process, allowing Zyssel Reiner to bring their vision to life.
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
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93