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Webster Bank Provides $18.4M Construction Loan For Development Site In New York City, Brooklyn

Property Image
FINANCED
$18,400,000

New York

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Development Site80,000 SF
Financed 07/27/2022
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Property Image
FINANCED

Webster Bank Provides $18.4M Construction Loan For Development Site In New York City, Brooklyn

170-174 East 123rd Street

See Similar Deals
Development Site80,000 SF
Financed 07/27/2022
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$230
Total Square Footage:80,000 SF
Transaction Type:Loan

A development site located at 170-174 East 123rd Street & 1630-1650 Dean Street in New York City, Brooklyn has been involved in a recent closed property transaction. The property is a development site with a buildable square footage of 80,000. The transaction involves a loan from Webster Bank and the landlord is Saba Vahdat. The broker representing the deal is Andrew Marcus from Dansker Capital Group.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $18,400,000
  • Address: 170-174 East 123rd Street & 1630-1650 Dean Street
  • Market: New York City, Brooklyn
  • Lender: Webster Bank
  • Landlord: Saba Vahdat
  • Broker: Andrew Marcus - Dansker Capital Group
  • Loan Type: Construction

The loan amount for this transaction is $18,400,000 and it is a construction loan. This deal provides financing for the development site located at 170-174 East 123rd Street & 1630-1650 Dean Street. Saba Vahdat is the landlord of the property, and the broker representing the deal is Andrew Marcus from Dansker Capital Group.

Players

Andrew Marcus
Matthews
Andrew Marcus
4 deals$23.8M volume
BROKER
Webster Bank
Webster Bank
LENDER

Details

FINANCED
IMAGE: POST LOAN IMAGE: Saba Vahdat & Andrew Marcus DATE: 07/27/2022 ADDRESS: 170-174 East 123rd Street & 1630-1650 Dean Street MARKET: New York City, Brooklyn ASSET TYPE: Development Site ~ BSF: 80,000 LENDER: Webster Bank LANDLORD: Saba Vahdat BROKER: Andrew Marcus - Dansker Capital Group LOAN AMOUNT: $18,400,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$18,400,000.00

Monthly NOI$122,666.67
Monthly Debt Service$116,300.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00