Joel Schwartz Secures $41.5M Construction Loan From Popular Bank For Development In Cypress Hills
2753 Atlantic Avenue
$41,500,000
Building Size
—
Asset Type
Development Site
Closing
May 22, 2025
AI
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.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93