Daniel Kowalsky Facilitates $3.07M Construction Loan For 489 7th Avenue Development Site
FINANCED
$3,070,000
New York
See Similar DealsDevelopment Site
Financed 06/13/2024
FINANCED
Daniel Kowalsky Facilitates $3.07M Construction Loan For 489 7th Avenue Development Site
489 7th Avenue
See Similar DealsDevelopment Site
Financed 06/13/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$3,070,000.00
Monthly NOI$20,466.67
Monthly Debt Service$19,404.49
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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