Updated Dec 21, 2023
Equitas Capital Group Provides $3.1M Loan For Development Site In Clinton Hill
228 Vanderbilt Avenue, Brooklyn, NY 11205, USA
$3,086,000
$1,335/SF
Building Size
2,310 SF
Asset Type
Development Site
Closing
Apr 1, 2021
About this deal
AI
An $3,086,000 loan has been secured for the development site located at 228 Vanderbilt Avenue in the Clinton Hill market. The property is a Development Site with a buildable square footage (BSF) of 20,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,086,000
- Loan Terms: Rate: 4.75%, LTC: 70%, Term: 18 months with 6 month extension, Amortization: Interest Only, PrePayment Penalty: None
- Broker: Alex Leykind - quitas Capital Group
The loan terms include a 4.75% interest rate and a loan-to-cost (LTC) ratio of 70%. The loan has a term of 18 months with a 6-month extension option and amortization is interest only. There is no prepayment penalty associated with the loan.
Equitas Capital Group, represented by Alex Leykind, has been actively involved in originating ground-up construction deals in the Metro NYC Market. For those interested in ground-up construction or rehabilitation projects, Equitas Capital Group offers financing solutions. Contact them at 646-637-7510 for more information.
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
5.14%
Cash-on-Cash
-1.47%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93