Hirshmark Capital Provides $10.5M Bridge Loan For Park Slope Development Site
FINANCED
$10,500,000
New York
See Similar DealsDevelopment Site
Financed 11/30/2022
FINANCED
Hirshmark Capital Provides $10.5M Bridge Loan For Park Slope Development Site
171 4th Avenue
See Similar DealsDevelopment Site
Financed 11/30/2022
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
A bridge loan in the amount of $10,500,000 was secured for a development site located at 171 4th Avenue in Park Slope. The loan was provided by Hirshmark Capital through their representative Jake Soodek. The property, situated in the Park Slope market, is poised for future development.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $10,500,000
- Lender: Hirshmark Capital - Jake Soodek
- Loan Type: Bridge
Hirshmark Capital, represented by Jake Soodek, facilitated the bridge loan for the development site at 171 4th Avenue in Park Slope. This loan will serve as interim financing and provide the necessary funds for the property's development. The transaction highlights the involvement of key individuals and companies in the loan process, showcasing the expertise and collaboration of industry professionals.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$10,500,000.00
Monthly NOI$70,000.00
Monthly Debt Service$66,367.14
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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