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Jay Group Secures $34.8M Construction Loan From Bank Hapoalim For Greenpoint Development Site

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FINANCED
$34,800,000

New York

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Development Site
Financed 03/29/2023
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FINANCED

Jay Group Secures $34.8M Construction Loan From Bank Hapoalim For Greenpoint Development Site

210 Greenpoint Avenue

See Similar Deals
Development Site
Financed 03/29/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

The Jay Group, represented by Jacob Kohn, has secured a $34.8 million construction loan from Bank Hapoalim for a development project in Greenpoint, Brooklyn. Located at 210 Greenpoint Avenue, the property was purchased by the owner for $5.6 million on March 16, 2022. The plans for the 57,673 square-foot building were filed on February 14, 2022.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $34,800,000
  • Market: Greenpoint, Brooklyn
  • Lender: Bank Hapoalim
  • Landlord: Jay Group - Jacob Kohn
  • Loan Type: Construction

The Jay Group, led by Jacob Kohn, successfully secured a $34.8 million construction loan from Bank Hapoalim for their development project at 210 Greenpoint Avenue. This loan will facilitate the construction of a 70-unit residential building on the site. The Jay Group acquired the property for $5.6 million and filed plans for the building on February 14, 2022.

Details

FINANCED
IMAGE: 03/29/2023 ADDRESS: 210 Greenpoint Avenue MARKET: Greenpoint, Brooklyn ASSET TYPE: Development Site LENDER: Bank Hapoalim LANDLORD: Jay Group - Jacob Kohn LOAN AMOUNT: $34,800,000 LOAN TYPE: Construction NOTE: Jay Group secured a $34.8 million construction loan from Bank Hapoalim for a 70-unit residential building project located at 237 McGuinness Boulevard, also known as 210 Greenpoint Avenue, in Greenpoint, Brooklyn. The owner purchased the property for $5.6 million on March 16, 2022, and plans for the 57,673 square-foot building were filed on February 14, 2022.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$34,800,000.00

Monthly NOI$232,000.00
Monthly Debt Service$219,959.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00