Terra Solid Capital Provides $6M Loan For Ridgewood Development Site
FINANCED
$6,000,000
New York
See Similar DealsDevelopment Site40,000 SF
Financed 08/07/2020
FINANCED
Terra Solid Capital Provides $6M Loan For Ridgewood Development Site
1661 Summerfield St, Ridgewood, NY 11385, USA
See Similar DealsDevelopment Site40,000 SF
Financed 08/07/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$150
Total Square Footage:40,000 SF
Transaction Type:Loan
A development site located at 1661-1671 Summerfield Street in Ridgewood has been involved in a closed transaction. The property spans over 40,000 square feet and consists of 28 units. The last sale of this asset took place on August 26, 2019, with a sale price of $6,460,000.
Summary of Transaction Details
- Property Type: Development site
- Transaction Amount: $6,000,000
- Units: 28
- BSF: 40,000
- Last Sale Price: $6,460,000
- Last Sale Date: 8/26/2019
The lender involved in this transaction is Terra Solid Capital Ltd. The landlord of the development site is the Urban View Development Group, represented by Nadav Hamo.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$6,000,000.00
Monthly NOI$40,000.00
Monthly Debt Service$37,924.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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