Jay Group Secures $34.8M Construction Loan From Bank Hapoalim For Greenpoint Development Site
210 Greenpoint Avenue
$34,800,000
Building Size
—
Asset Type
Development Site
Closing
Mar 29, 2023
AI
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.
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
0.46%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93