Updated Oct 29, 2024
Bank Hapoalim Provides $19.6M Loan For Gowanus Development Site
450 Warren St, Brooklyn, NY 11217, USA
$19,600,000
$629/SF
Building Size
31,157 SF
Asset Type
Development Site
Closing
Jun 18, 2020
About this deal
AI
The development site located at 450 Warren Street in Gowanus, Boerum Hill has been involved in a closed property transaction. The property spans a total area of 27,142 square feet, including an additional 4,015 square feet of on-grade commercial space. The deal entails the transfer of ownership from the landlord, Tankhouse represented by Sam Alison-Mayne and Sebastian Mendez, to undisclosed buyers.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $19,600,000
- Date: June 19, 2020
- Market: Gowanus, Boerum Hill
- Lender: Bank Hapoalim
The loan provided by Bank Hapoalim amounts to $19,600,000 and has a term of 30 months, with full-term interest-only payments. The property comprises a total of 18 units and is expected to undergo development in the near future.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.81%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93