Updated Mar 11, 2025
Bayport Funding Provides $6 Million Construction Loan For Williamsburg Development Site
$6,000,000
Building Size
—
Asset Type
Development Site
Closing
Jan 25, 2024
About this deal
AI
A development site in Williamsburg, Brooklyn has secured a $6,000,000 construction loan from Bayport Funding. The property, which is situated in the bustling Williamsburg market, will undergo development to further enhance the area's growth.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,000,000
- Market: Williamsburg, Brooklyn
Gavin Ralbag and Gabe Rothstein from Gold Edge Capital represented both the borrower and the lender in this deal. As experienced brokers, Ralbag and Rothstein played a crucial role in facilitating the loan transaction, ensuring a smooth process for all parties involved.
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
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93