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Diamond Dev Group Secures $7.025M Construction Loan For Development Site In Ocean Hill, Brooklyn

Property Image
FINANCED
$7,025,000

New York

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Development Site22,000 SF
Financed 06/29/2022
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Property Image
FINANCED

Diamond Dev Group Secures $7.025M Construction Loan For Development Site In Ocean Hill, Brooklyn

258 Rockaway Avenue, Brooklyn, New York 11233, United States

See Similar Deals
Development Site22,000 SF
Financed 06/29/2022
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$319
Total Square Footage:22,000 SF
Transaction Type:Loan

A development site located at 258, 260 & 262 Rockaway Ave. in Ocean Hill, Brooklyn has been involved in a closed transaction. The property is a development site with a buildable square footage (BSF) of 22,000 and a capacity for 24 units. The transaction took place on June 29, 2022, as per the available date. The property was purchased by Diamond Dev Group, represented by Richard Zavlyanov.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: Not disclosed
  • Address: 258, 260 & 262 Rockaway Ave., Ocean Hill, Brooklyn
  • Market: Ocean Hill, Brooklyn
  • Buildable Square Footage: 22,000
  • Capacity: 24 units

The construction loan for this transaction was provided by First Central Savings Bank for an amount of $7,025,000. The loan agreement supports the development of the property and its conversion into residential units. Diamond Dev Group, represented by Richard Zavlyanov, acted as the landlord in this transaction.

Note: No additional information regarding the transaction is available at this time.

Players

First Central Savings Bank
First Central Savings Bank
LENDER
RZ
Richard Zavlyanov
4 deals$20.8M volume
LANDLORD

Details

FINANCED
IMAGE: Richard Zavlyanov DATE: 06/29/2022 ADDRESS: 258, 260 & 262 Rockaway Ave. MARKET: Ocean Hill, Brooklyn ASSET TYPE: Development Site ~ BSF: 22,000 ~ UNIT: 24 LENDER: First Central Savings Bank LANDLORD: Diamond Dev Group - Richard Zavlyanov (@RichieZav) LOAN AMOUNT: $7,025,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$7,025,000.00

Monthly NOI$46,833.33
Monthly Debt Service$44,402.78
Change in Cash Flow$0.00
Refinance Proceeds$0.00