Winchester Equities Secures $14.6M Construction Loan For Brooklyn Development Site
2222 Ocean Avenue, Brooklyn, NY 11229
$14,600,000
$4,525/SF
Building Size
3,226 SF
Asset Type
Development Site
Closing
Mar 7, 2018
AI
A construction loan of $14.6 million was secured for a development site located at 2222 Ocean Avenue in Brooklyn, NY. The loan was provided by Popular Community Bank, with Mr. Richard L. Carrión Rexach as the lender. The asset type of the property is a development site.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $14,600,000
- Address: 2222 Ocean Avenue, Brooklyn, NY
The landlord for this development site is Avi Benamu of Winchester Equities. The loan was brokered by Dan Hilpert of Equicap.
NOTE: No additional information is available regarding this transaction.
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
1.09%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93