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Green Street Group Refinances Greenwood Heights Development Site For $17M

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FINANCED
$17,000,000

New York

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Development Site
Financed 09/08/2022
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Property Image
FINANCED

Green Street Group Refinances Greenwood Heights Development Site For $17M

276-280 20th Street, Brooklyn, New York 11215, United States

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Development Site
Financed 09/08/2022
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

A development site located at 276-280 20th Street in Greenwood Heights, Brooklyn, has recently been refinanced. The property, owned by Green Street Group and represented by Derek Greenberg, consists of a development site with a total of 20 units. The loan for this transaction was provided by Bankwell Bank and facilitated by Michael Sulkis, with a loan amount of $17,000,000.

Summary of transation details

  • Property Type: Development site
  • Transaction Amount: $17,000,000
  • Address: 276-280 20th Street
  • Market: Greenwood Heights, Brooklyn
  • Units: 20
  • Lender: Bankwell Bank - Michael Sulkis
  • Landlord: Green Street Group - Derek Greenberg
  • Loan Type: Refinance

The financing deal was facilitated by Michael Sulkis of Bankwell Bank, who worked closely with the property owner and representative, Derek Greenberg of Green Street Group, to secure the refinancing loan. This transaction demonstrates the continuing activity and investment in the real estate market in Greenwood Heights, Brooklyn.

Players

LENDER

Details

FINANCED
IMAGE: Derek Greenberg DATE: 09/08/2022 ADDRESS: 276-280 20th Street MARKET: Greenwood Heights, Brooklyn ASSET TYPE: Development site ~ UNITS: 20 LENDER: Bankwell Bank (@MyBankwell) - Michael Sulkis LANDLORD: Green Street Group - Derek Greenberg LOAN AMOUNT: $17,000,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$17,000,000.00

Monthly NOI$113,333.33
Monthly Debt Service$107,451.56
Change in Cash Flow$0.00
Refinance Proceeds$0.00