Updated Sep 11, 2026
Joel Weiss Of Empire Management & Construction Secures $27.6M Construction Loan From Popular Bank
229 Shepherd Avenue
$27,600,000
Units
99
Asset Type
Development Site
Closing
Aug 27, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 229 Shepherd Avenue in the Cypress Hills neighborhood of Brooklyn. This site is designated for a residential project that will consist of 99 units and encompasses a total building square footage of 64,014. The property has secured a construction loan to facilitate its development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $27,600,000
- Lender: Popular Bank
- Landlord: Joel Weiss - Empire Management & Construction
- Loan Type: Construction
The transaction was facilitated by Empire Management & Construction, which is represented by Joel Weiss. The construction loan secured from Popular Bank is intended for the development of the residential project at the specified address, further contributing to the evolving landscape of Cypress Hills.
On the Map
$27,600,000
Development Site
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Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93