CW Realty Secures $20.5M Construction Loan For Williamsburg Development Site
FINANCED
$20,500,000
+ 1
New York
See Similar DealsDevelopment Site57,500 SF
Financed 12/14/2021
FINANCED
CW Realty Secures $20.5M Construction Loan For Williamsburg Development Site
280 Meeker Avenue, Brooklyn, New York 11211, United States
See Similar DealsDevelopment Site57,500 SF
Financed 12/14/2021
+ 1
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$356
Total Square Footage:57,500 SF
Transaction Type:Loan
A development site located at 280 Meeker Ave. in Williamsburg has been involved in a recent transaction. The property boasts a total buildable square footage (BSF) of 57,500. The deal was orchestrated by CW Realty, whose representative is Cheskie Weisz.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $20,500,000
- Lender: Bank of Princeton
- Loan Type: Construction loan
- Loan Terms: 4.5% Rate
The loan for this transaction, amounting to $20,500,000, was procured from the Bank of Princeton. The construction loan offers a favorable interest rate of 4.5%. Leah Paskes, Pinchas Vogel, and Michael Wittow of Landstone Capital played a pivotal role as brokers in facilitating this deal alongside CW Realty.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,500,000.00
Monthly NOI$136,666.67
Monthly Debt Service$129,573.94
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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