Updated Jan 22, 2025
Brisa Builders Secures $41.4 Million Construction Loan From Bank Of America For Far Rockaway Project
19 19 Cornaga Avenue
$41,400,000
Units
92
Asset Type
Development Site
Closing
Dec 30, 2024
About this deal
AI
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.
On the Map
$41,400,000
Development Site
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Players
Far Rockaway Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93