SoftStone Development Secures $5.5M Refinance Loan For Development Site In Borough Park, Brooklyn
$5,500,000
$496/SF
Building Size
11,085 SF
Asset Type
Development Site
Closing
May 31, 2023
AI
SoftStone Development, a property located at 4504 15th Avenue in Borough Park, Brooklyn, has obtained a refinancing loan valued at $5.5 million from Golden Bridge Funding, operating as Golden Bridge R1 LLC. The deal was finalized on May 31, 2023, and recorded on June 14, 2023. The development site has a total area of approximately 11,085 square feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,500,000
- Address: 4504 15th Avenue
- Market: Borough Park, Brooklyn
- Loan Type: Refinance
- Lender: Golden Bridge Funding - Xiumei Dong
- Landlord: SoftStone Development - Nechemia Weinberger
The loan transaction involved SoftStone Development as the borrower and Golden Bridge Funding as the lender, represented by Xiumei Dong. SoftStone Development is a property located at 4504 15th Avenue in Borough Park, Brooklyn, and Nechemia Weinberger represents the landlord.
Players
Market 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
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93