Updated May 4, 2026
Mendel Schwimmer Secures $13.7M Construction Loan From Joshua Crane For Development In East Flatbush
341 Lenox Road
$13,700,000
Units
28
Asset Type
Development Site
Closing
Mar 24, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 341 Lenox Road, East Flatbush, Brooklyn. The site encompasses a total of 24,080 buildable square feet and is intended for a 28-unit residential development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $13,700,000
- Lender: Joshua Crane - S3 Capital
- Landlord: Mendel Schwimmer
- Loan Type: Construction
- Permitted Date: March 2026
This transaction features Mendel Schwimmer, represented through 341 Lenox Realty LLC, who has secured a construction loan from S3 Capital to facilitate the residential development project at the specified address.
On the Map
$13,700,000
Development Site
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Players
Brooklyn Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.16%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93