Allure Group & Landpex Development Secure $87.4M Loan For Gravesend Dev Site
FINANCED
$87,400,000
New York
See Similar DealsDevelopment Site
Financed 04/16/2021
FINANCED
Allure Group & Landpex Development Secure $87.4M Loan For Gravesend Dev Site
2230 Cropsey Avenue, Gravesend, Brooklyn, NY, USA
See Similar DealsDevelopment Site
Financed 04/16/2021
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The property involved in this closed transaction is a development site located at 2218-2230 Cropsey Ave. in the Gravesend market. The transaction took place on 04/16/2021 and the property is owned by Allure Group & Landpex Development. The asset type is a development site, and it consists of approximately 240 units. The loan amount for this transaction was $87,400,000, and the lender involved in the deal is Bank Leumi.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $87,400,000
- Date: 04/16/2021
- Address: 2218-2230 Cropsey Ave.
- Market: Gravesend
- Asset Type: Development site
- Units: 240 (approx.)
Joel Landau is the representative for the lender, Bank Leumi, in this transaction. No additional information regarding the key individuals and companies involved in this deal is available.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$87,400,000.00
Monthly NOI$582,666.67
Monthly Debt Service$552,427.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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