Updated Oct 29, 2024
Brad Domenico Of Progress Capital Secures $5M Loan For East Harlem Development Site
212-216 West 125th Street, East Harlem, New York, NY, USA
$5,000,000
$323/SF
Building Size
15,450 SF
Asset Type
Development Site
Closing
Dec 13, 2020
About this deal
AI
A $5,000,000 land and pre-development loan has been secured by Brad Domenico from Emerald Creek Capital for the property located at 212-216 East 125th Street in East Harlem. The existing structures on the development site will be demolished to make way for the construction of a new mixed-use building, which will include commercial space and residential apartments.
Summary of transation details
- Property Type: Development site
- Transaction Amount: $5,000,000
- Lender: Emerald Creek Capital
- Broker: Brad Domenico - Progress.Capital
Brad Domenico from Progress.Capital was responsible for securing the $5,000,000 loan for the development site at 212-216 East 125th Street in East Harlem. The loan will facilitate the demolition of existing structures and the subsequent construction of a new mixed-use building, incorporating both commercial and residential spaces.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Visit Brad Domenico to view all their deals.
Browse New York development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93