Updated Dec 4, 2024
Daniel Kowalsky Facilitates $3.07M Construction Loan For 489 7th Avenue Development Site
489 7th Avenue
$3,070,000
Building Size
—
Asset Type
Development Site
Closing
Jun 13, 2024
About this deal
AI
The development site located at 489 7th Avenue in Park Slope, Brooklyn, spans 4,334 square feet. The property was acquired by landlords Stuart Van Leenen and Jayson Halladay, with a construction loan facilitated by Colorado Federal Savings Bank amounting to $3,070,000 for acquisition and renovation purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,070,000
- Asset Type: Development Site
- BSF: 4,334
- Lender: Colorado Federal Savings Bank
- Landlord: Stuart Van Leenen & Jayson Halladay
- Broker: Daniel Kowalsky - HKS Real Estate Advisors
- Loan Type: Construction
- Loan Terms: Acquisition and Renovation Loan
Daniel Kowalsky of HKS Real Estate Advisors served as the broker in this transaction, representing the parties involved in securing the construction loan for the development site.
On the Map
$3,070,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.17%
Cash-on-Cash
-1.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93