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Brisa Builders Secures $41.4 Million Construction Loan From Bank Of America For Far Rockaway Project
FINANCED
$41,400,000
New York
See Similar DealsDevelopment Site
Financed 12/30/2024
FINANCED
Brisa Builders Secures $41.4 Million Construction Loan From Bank Of America For Far Rockaway Project
19 19 Cornaga Avenue
See Similar DealsDevelopment Site
Financed 12/30/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The property at 19-19 Cornaga Avenue is a development site located in Far Rockaway, Queens. The site is earmarked for a residential project comprising 92 units with a total area of 53,496 square feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $41,400,000
- Lender: Bank of America
- Landlord: Ericka Keller-Wala - Brisa Builders
- Loan Type: Construction
This transaction involves Brisa Builders, represented by Ericka Keller-Wala. The construction loan secured from Bank of America will facilitate the development of the residential project on the site.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$41,400,000.00
Monthly NOI$276,000.00
Monthly Debt Service$261,676.16
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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