Updated Feb 16, 2024
Cross River Bank Provides $20M Loan For Development Site In Gravesend
2226 Cropsey Avenue, Gravesend, Brooklyn, NY, USA
$20,000,000
$315/SF
Building Size
63,315 SF
Asset Type
Development Site
Closing
Jun 29, 2021
About this deal
AI
The development site located at 2226 Cropsey Avenue in Gravesend has been involved in a recent loan transaction. The loan was provided by Cross River Bank in the amount of $20,000,000. The property has a building square footage (BSF) of 63,315 and consists of 110 units.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $20,000,000
- Buliding Square Footage (BSF): 63,315
- Units: 110
The lender for this transaction is Cross River Bank, while Marvin Rubin is the landlord of the property. This loan deal represents a significant investment in the development site, providing the necessary funds for its future development.
Players
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
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93