Updated Feb 16, 2024
Emerald Creek Capital Provides $11.5M Construction Loan For Ground Up Rental Development In Brooklyn
262 Pacific Street, Brooklyn, NY 11201
$11,500,000
$23/SF
Building Size
495,949 SF
Asset Type
Development Site
Closing
Jul 29, 2018
About this deal
AI
A ground up rental development located at 262 Pacific Street in Brooklyn, New York has recently secured a construction loan of $11,500,000. The loan was provided by Emerald Creek Capital at a fixed rate of 10%. With a loan-to-cost ratio (LTC) of 70%, this project aims to bring a new rental property to the market.
Summary of transaction details
- Property Type: Ground up rental development
- Transaction Amount: $11,500,000
- Address: 262 Pacific Street, Brooklyn, New York
- Market: Brooklyn
The loan was facilitated by Dan Hilpert from Equicap, who represented the borrower in the deal. As the project moves forward, Rob Owen will serve as the landlord overseeing the development.
On the Map
$11,500,000
$23/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93