CAVU Property Group Secures $19.5M Construction Loan From Levon Capital
2255 Nostrand Avenue
$19,500,000
Building Size
—
Asset Type
Development Site
Closing
Jun 21, 2024
AI
The development site at 2255 Nostrand Avenue in Flatlands, Brooklyn, with a total square footage of 33,921, was the subject of a $19.5 million construction loan secured by CAVU Property Group from Levon Capital.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $19,500,000
- Market: Flatlands, Brooklyn
- Address: 2255 Nostrand Avenue
- Lender: Levon Capital
- Landlord: Steven Hurwitz - CAVU Property Group
- Loan Type: Construction
Steven Hurwitz, representing CAVU Property Group, successfully secured the construction loan from Levon Capital, highlighting his role in facilitating the financing for the mixed-use building project at the designated location.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.81%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93