Updated Feb 13, 2025
Apex Development Group And Knickpoint Ventures Secure $1.9M Loan For Athletic Field In Brooklyn
54 Woods Place
$1,900,000
$162/SF
Building Size
11,692 SF
Asset Type
Development Site
Closing
Feb 11, 2025
About this deal
AI
The property asset involved in this transaction is an athletic field located at 54 Woods Place in Brooklyn. The field spans 11,692 square feet and has been leased on a long-term basis to Success Academy. The acquisition is financed through a loan amount of $1,900,000, which covers 100% of the purchase price.
Summary of transaction details:
- Property Type: Athletic Field
- Transaction Amount: $1,900,000
- Address: 54 Woods Place
- Market: Brooklyn
- Landlords: Andrew Esposito & Chris Karalis - Apex Development Group; Matthew Sprayregen & Zain Koita - Knickpoint Ventures
- Brokers: James Murad & Adam Hakim - Ripco
- Loan Type: Acquisition
A joint venture between Apex Development Group and Knickpoint Ventures executed the acquisition and financing. The financing was facilitated by brokers James Murad and Adam Hakim from RIPCO Real Estate's Debt & Structured Financing division.
On the Map
$1,900,000
$162/SF
Development Site
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Players
Brooklyn Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.35%
Cash-on-Cash
-2.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93