Updated Feb 16, 2024
BridgeCity Capital Provides $6M Loan For Development Site In Brooklyn
175 Palmetto St, Brooklyn, NY 11221, Estados Unidos
$6,000,000
$492/SF
Building Size
12,187 SF
Asset Type
Development Site
Closing
Nov 18, 2020
About this deal
AI
A $6,000,000 loan has been secured for the development site located at 175-177 Palmetto Street in Brooklyn. The property is a two-building, four-story plus mezzanine level multifamily complex, set to become a walk-up multifamily rental building consisting of 16 units upon completion.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $6,000,000
- Address: 175-177 Palmetto Street, Brooklyn
- Market: Brooklyn
The loan has been provided by BridgeCity Capital, who are actively lending in the New York metro area. The lender offers an eighteen-month term with a one six-month extension option. For more information, interested parties can contact Louis at [email protected], Joe at [email protected], or call (718) 924-2838.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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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