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51 South 2nd Street

Updated Feb 16, 2024

Hirshmark Capital Provides $2.25M Bridge Loan For Development Site In Brooklyn
FINANCEDDevelopment Site

Hirshmark Capital Provides $2.25M Bridge Loan For Development Site In Brooklyn

51 South 2nd Street

$2,250,000

Building Size

Asset Type

Development Site

Closing

Mar 10, 2023

About this deal

AI

A development site located at 51 South 2nd Street in Brooklyn has recently been involved in a loan transaction. The loan amount of $2,250,000 was provided by Hirshmark Capital, and the loan type is a bridge loan. The lender's representative in the deal is Jake Soodek. The property is owned by Stephanie Eisenberg.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $2,250,000
  • Lender: Hirshmark Capital
  • Lender's Representative: Jake Soodek
  • Landlord: Stephanie Eisenberg

This loan transaction showcases the involvement of key individuals and companies. Jake Soodek, representing Hirshmark Capital, played a significant role as the lender's representative. Stephanie Eisenberg serves as the landlord of the development site in question.

Players

Hirshmark Capital
Hirshmark CapitalLender

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

7.05%

Cash-on-Cash

-2.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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