Emerald Creek Capital Provides $11.5M Construction Loan For Ground Up Rental Development In Brooklyn
FINANCED
$11,500,000
New York
See Similar DealsDevelopment Site495,949 SF
Financed 07/30/2018
FINANCED
Emerald Creek Capital Provides $11.5M Construction Loan For Ground Up Rental Development In Brooklyn
262 Pacific Street, Brooklyn, NY 11201
See Similar DealsDevelopment Site495,949 SF
Financed 07/30/2018
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$23
Total Square Footage:495,949 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$11,500,000.00
Monthly NOI$76,666.67
Monthly Debt Service$72,687.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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