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Joel Schwartz Refinances Development Site In East New York For $32.4M
FINANCED
$32,400,000
New York
See Similar DealsDevelopment Site
Financed 03/01/2024
FINANCED
Joel Schwartz Refinances Development Site In East New York For $32.4M
2700 Atlantic Avenue
See Similar DealsDevelopment Site
Financed 03/01/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
Development Site located at 2700 Atlantic Avenue in East New York, Brooklyn, with a total square footage of 158,730, is the focal point of a recent transaction involving a refinance loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $32,400,000
- Address: 2700 Atlantic Avenue
- Market: East New York, Brooklyn
- Lender: Haim Dadi - Golden Bridge Funding
- Landlord: Joel Schwartz
- Loan Type: Refinance
- Loan Date: 03/01/2024
- Asset BSF: 158,730
Joel Schwartz, operating under 2700 Atlantic Ny LLC, successfully secures a $32.4 million refinance loan from Golden Bridge Funding for the development project on Atlantic Avenue. The loan was facilitated by Golden Bridge R2 LLC, marking a significant financial step in the completion of a 227-unit residential building within the East New York market.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$32,400,000.00
Monthly NOI$216,000.00
Monthly Debt Service$204,790.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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