Terra Solid Capital Provides $6M Loan For Ridgewood Development Site
1661 Summerfield St, Ridgewood, NY 11385, USA
$6,000,000
$150/SF
Building Size
40,000 SF
Asset Type
Development Site
Closing
Aug 6, 2020
AI
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.
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93