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S3 Capital Finances $12.5M Construction Loan For 23-Unit Condo Development In Fort Greene, Brooklyn

Property Image
FINANCED
$12,500,000
Drew De Risi
MA

New York

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Development Site30,225 SF
Financed 01/03/2019
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Property Image
FINANCED

S3 Capital Finances $12.5M Construction Loan For 23-Unit Condo Development In Fort Greene, Brooklyn

167 Willoughby Street, Fort Greene, Brooklyn, NY, USA

See Similar Deals
Development Site30,225 SF
Financed 01/03/2019
Drew De Risi
MA
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$413
Total Square Footage:30,225 SF
Transaction Type:Loan

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.

Players

Drew De Risi
Drew De Risi
2 deals$33.3M volume
BROKER
S3 Capital
S3 Capital
LENDER
MA
Marco Auteri
2 deals$14.7M volume
LANDLORD
BG
Boomerang Development Group
LANDLORD
BG
Boomerang Development Group
LANDLORD

Details

FINANCED
IMAGE: Drew De Risi, Robert Schwartz and Steven Jemal DATE: 01/03/2019 ADDRESS: 167 Willoughby Street MARKET: Fort Greene, Brooklyn ASSET TYPE: Development Site LENDER: @S3Capital Partners LANDLORD: Boomerang Development Group - Marco Auteri, Giovanni Ferrara, Daniel Pipitone BROKER: Drew De Risi (@Dderisi) ORIGINATOR: Steven Jemal (@sfjemal) - S3 Capital LOAN AMOUNT: $12,500,000 LOAN TERMS: Construction Financing SF: 30,225 UNIT: 23 NOTES: Construction financing for the development of a 23-unit condo property.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$12,500,000.00

Monthly NOI$83,333.33
Monthly Debt Service$79,008.50
Change in Cash Flow$0.00
Refinance Proceeds$0.00