Updated Mar 3, 2025
Colliers Brokers Secure $16M Construction Loan For Development Site At 330 Grand Street
330 Grand St Brooklyn, NY 10002, USA
$16,000,000
$1,490/SF
Building Size
10,735 SF
Asset Type
Development Site
Closing
Aug 7, 2023
About this deal
AI
The property involved in this transaction is a Development Site located at 330 Grand Street in New York. The site spans an interior area of 10,735 square feet. The deal was facilitated by brokers Dylan Kane and Zach Redding from Colliers, representing both the buyer and the seller. The lenders for this transaction were Crestline Direct Finance and Summit Capital Funding, while the landlords involved were Prosper Property Group and Sheryl Hempel.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $16,000,000
- Loan Type: Construction
- Loan Terms: 70% Loan-to-Cost (LTC)
- Loan Amount: $1,490 per Interior SF
It is noteworthy that the loan amount for this deal was $16,000,000. The loan provided by Crestline Direct Finance and Summit Capital Funding was specifically for construction purposes. The loan terms included a 70% Loan-to-Cost (LTC) ratio, with an additional stipulation of $1,490 per Interior SF. This financing arrangement aimed to support the development of the property and ensure its successful completion.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93