Updated Nov 17, 2023
Israel Mark Weiss Secures $5.8M Construction Loan For Brooklyn Development Site
308 14th Street Brooklyn, New York 11215, Usa
$5,800,000
$409/SF
Building Size
14,181 SF
Asset Type
Development Site
Closing
May 3, 2023
About this deal
AI
Israel Mark Weiss signed a $5.8 million construction loan with Preferred Bank for the 10-unit, 14,181 square-foot residential building at 308 14th Street in Brooklyn. The property is located in New York City with the ZIP code 11215 in the United States. The total lot size for the development site is 6,879 square feet.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $5,800,000.00
- Loan Type: Construction
The loan agreement was closed on May 3, 2023, and officially recorded on May 10, 2023. Nechemia Weinberger submitted the transaction. The construction loan was secured by Israel Mark Weiss for the development of the residential building comprising ten units.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.73%
Cash-on-Cash
-0.78%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93