Bayport Funding Provides $6 Million Construction Loan For Williamsburg Development Site
FINANCED
$6,000,000
New York
See Similar DealsDevelopment Site
Financed 01/25/2024
FINANCED
Bayport Funding Provides $6 Million Construction Loan For Williamsburg Development Site
Development Site
Financed 01/25/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
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.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$6,000,000.00
Monthly NOI$40,000.00
Monthly Debt Service$37,924.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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