Popular Bank Provides $74.75M Construction Loan For Development Site In Coney Island
2971 Shell Road, Brooklyn, New York 11223, United States
$74,750,000
$432/SF
Building Size
172,867 SF
Asset Type
Development Site
Closing
Sep 29, 2022
AI
The development site located at 2971 Shell Road in Coney Island has recently secured a construction loan from Popular Bank. The loan, granted on September 30, 2022, amounts to $74,750,000. The property, owned by 2971 Shell Road Qoz LLC and represented by Elie Fouerti, offers a building square footage (BSF) of 172,867. Travis Schelhorn from Popular Bank oversaw the loan process.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $74,750,000
- Address: 2971 Shell Road
- Market: Coney Island
- Asset Type: Development Site
- BSF: 172,867
The loan, provided by Popular Bank, marks a significant step in the development of the property. Travis Schelhorn from Popular Bank and Elie Fouerti from 2971 Shell Road Qoz LLC played crucial roles in facilitating the loan process. Together, they ensured the successful acquisition of funds for the construction project at 2971 Shell Road in Coney Island.
Players
New York 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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93