Equitas Capital Group Secures $4.25M Loan For Development Site In Kensington, Brooklyn

A development site located at 485 East 28th Street in Kensington, Brooklyn, recently closed in a transaction. The property spans approximately 22,000 square feet and is classified as a development site.

Summary of Transaction Details:

• Property Type: Development Site
• Transaction Amount: $4,250,000
• Loan Terms: Rate: 5% LTV/ LTC: 70% Term: 18 months with 6-month extension Option Amortization: Interest Only Prepayment Penalty: None

The loan of $4,250,000 was obtained for the development site. The loan terms include a 5% interest rate and a loan-to-value (LTV) or loan-to-cost (LTC) ratio of 70%. The loan has a term of 18 months, with an option to extend it by an additional 6 months. The amortization is interest-only, and there is no prepayment penalty. Notably, the loan structure allows for automatic conversion to a permanent loan once the property reaches stabilization.

Equitas Capital Group, represented by broker Alex Leykind, facilitated the loan transaction for the development site located at 485 East 28th Street. Equitas Capital Group is known for its commitment to delivering high-quality service and conducting business with integrity and creativity. They advocate on behalf of their clients and lenders, displaying an unparalleled commitment to excellence in the industry.

For any commercial financing needs, individuals can connect with Equitas Capital Group at any time by calling 646-637-7510.