Vadem Brodsky Secures $7.2M Loan From Lancewood Capital For Brooklyn Heights Development Site
297 Hicks Street Brooklyn, NY 11201, USA
$7,200,000
Building Size
—
Asset Type
Development Site
Closing
Aug 3, 2023
AI
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.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.20%
Cash-on-Cash
-0.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93