Updated Nov 24, 2023
Genesis Capital Provides $16.2M Construction Loan For Development Site In Sheepshead Bay
2108 Avenue P
$16,200,000
$1,012,500/SF
Building Size
16 SF
Asset Type
Development Site
Closing
Sep 23, 2022
About this deal
AI
The property involved in this transaction is a development site located at 2108 Avenue P in Sheepshead Bay. The property has a building size of 16,000 square feet.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $16,200,000
- Market: Sheepshead Bay
The lender in this transaction is Genesis Capital, providing a construction loan of $16,200,000. The landlord associated with the property is Jacob I. Hirsch.
The development site loan at 2108 Avenue P in Brooklyn, New York financed for $16.2M in 2022. The building is 16 square feet, implying about 1M per square foot on the published price. This page is the Brooklyn, New York file for the 2108 Avenue P development site financed: pricing, party profiles, and other closed development site comps from the same Brooklyn sit in the Market section below. Filter that Brooklyn development site set by closing date to see what else financed near 2108 Avenue P around 2022. Published consideration for 2108 Avenue P is $16.2M, dated 2022. Cite this Genesis Capital Provides $16.2M Construction Loan For Development Site In Sheepshead Bay loan when underwriting similar development site product around Brooklyn, New York.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.98%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93