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Vadem Brodsky Secures $7.2M Loan From Lancewood Capital For Brooklyn Heights Development Site
FINANCED
$7,200,000
New York
See Similar DealsDevelopment Site
Financed 08/03/2023
FINANCED
Vadem Brodsky Secures $7.2M Loan From Lancewood Capital For Brooklyn Heights Development Site
297 Hicks Street Brooklyn, NY 11201, USA
See Similar DealsDevelopment Site
Financed 08/03/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
A development project at 297 Hicks Street in Brooklyn Heights has secured a $7.2 million loan from Lancewood Capital, LLC. The property is a development site with a total buildable square footage of 10,655, located in the thriving market of Brooklyn Heights, Brooklyn.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $7,200,000
- Address: 297 Hicks Street
- Market: Brooklyn Heights, Brooklyn
- Buildable Square Footage: 10,655
Vadem Brodsky, operating as 297 Ventures LLC, serves as the landlord for this development project. Lancewood Capital, LLC, is the lender providing the $7.2 million loan for the project. This financing will support the development and construction activities at 297 Hicks Street.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,200,000.00
Monthly NOI$48,000.00
Monthly Debt Service$45,508.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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