Updated Oct 29, 2024
S3 Capital Finances $12.5M Construction Loan For 23-Unit Condo Development In Fort Greene, Brooklyn
167 Willoughby Street, Fort Greene, Brooklyn, NY, USA
$12,500,000
$413/SF
Building Size
30,225 SF
Asset Type
Development Site
Closing
Jan 2, 2019
About this deal
AI
A construction financing loan in the amount of $12,500,000 has been secured for the development of a 23-unit condo property located at 167 Willoughby Street in Fort Greene, Brooklyn. The loan, provided by S3 Capital Partners, will be used for the construction of the development site, which spans 30,225 square feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,500,000
- Address: 167 Willoughby Street
- Market: Fort Greene, Brooklyn
- Lender: S3 Capital Partners
The loan was facilitated by Drew De Risi, representing S3 Capital, as the originator. The landlord of the development site is Boomerang Development Group, represented by Marco Auteri, Giovanni Ferrara, and Daniel Pipitone.
On the Map
$12,500,000
$413/SF
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.27%
Cash-on-Cash
-0.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93