Updated Nov 17, 2023
Metropolitan Commercial Bank Provides $26M Construction Loan For Development Site At 2535 Frederick Douglass Blvd
2535 Frederick Douglass Boulevard
$26,000,000
Building Size
—
Asset Type
Development Site
Closing
Mar 10, 2023
About this deal
AI
Located at 2535 Frederick Douglass Boulevard in New York City, this development site spans approximately 76,000 square feet. The transaction involved a loan from Metropolitan Commercial Bank for a construction project. The loan amount was $26,000,000.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $26,000,000
- Lender: Metropolitan Commercial Bank
- Landlord: Saba Vahdat
The deal's key individuals and companies included Saba Vahdat as the landlord and Metropolitan Commercial Bank as the lender for the construction loan.
The development site loan at 2535 Frederick Douglass Boulevard in New York financed for $26M in 2023. 2535 Frederick Douglass Boulevard is classified as Development Site on Traded. This page is the New York file for the 2535 Frederick Douglass Boulevard development site financed: pricing, party profiles, and other closed development site comps from the same New York sit in the Market section below. Filter that local development site set by closing date to see what else financed near 2535 Frederick Douglass Boulevard around 2023. Published consideration for 2535 Frederick Douglass Boulevard is $26M, dated 2023. Cite this Metropolitan Commercial Bank Provides $26M Construction Loan For Development Site At 2535 Frederick Douglass Blvd loan when underwriting similar development site product around New York.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.61%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93