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Joel Schwartz Secures $41.5M Construction Loan From Popular Bank For Development In Cypress Hills
FINANCED
$41,500,000
New York
See Similar DealsDevelopment Site
Financed 05/22/2025
FINANCED
Joel Schwartz Secures $41.5M Construction Loan From Popular Bank For Development In Cypress Hills
2753 Atlantic Avenue
See Similar DealsDevelopment Site
Financed 05/22/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset is a development site located at 2753 Atlantic Avenue in the Cypress Hills neighborhood of Brooklyn. This site comprises a total of 107,520 square feet and is designated for a 150-unit residential project, supported by a construction loan. The construction loan amount is $41,500,000, which replaces an existing loan of $7,000,000 from Tideway Capital Funding.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $41,500,000
- Address: 2753 Atlantic Avenue
- Market: Cypress Hills, Brooklyn
- Lender: Popular Bank
- Landlord: Joel Schwartz
- Asset Size: 107,520 BSF
Joel Schwartz, through 2745 Atlantic LLC, is the key individual involved in securing the construction loan from Popular Bank, facilitating the development of the residential project on the property.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$41,500,000.00
Monthly NOI$276,666.67
Monthly Debt Service$262,308.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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