Updated Dec 26, 2024
Cheskel Schwimmer's Chess Builders Secures $170 Million Bridge Loan From Scott Waynebern's MF1 Capital
218 Front Street
$170,000,000
Units
218
Asset Type
Development Site
Closing
Oct 21, 2024
About this deal
AI
The asset involved is a development site located at 218 Front Street in Brooklyn's Vinegar Hill, specifically designed for a 218-unit multifamily development project. The transaction entails significant financing for the development initiative.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $170,000,000
- Lender: Scott Waynebern - MF1 Capital
- Landlord: Cheskel Schwimmer - Chess Builders
- Broker: Leah Paskus - Landstone Capital Group
- Loan Type: Bridge
Cheskel Schwimmer, representing Chess Builders, engaged with Scott Waynebern of MF1 Capital to secure the financing necessary for the development project. Leah Paskus of Landstone Capital Group facilitated the transaction, bringing the involved parties together.
On the Map
$170,000,000
Development Site
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Brooklyn 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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93