Updated Aug 3, 2026
Riverside Developers USA Secures $44.5 Million Construction Loan From Ponce Bank In Flatbush Brooklyn
545 Coney Island Avenue
$44,500,000
Units
97
Asset Type
Development Site
Closing
Jul 24, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 545 Coney Island Avenue in the Flatbush market of Brooklyn. The site has a buildable square footage of 74,407 and is intended for a residential development comprising 97 units. A construction loan amounting to $44,500,000 has been secured for this project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $44,500,000
- Address: 545 Coney Island Avenue
- Market: Flatbush, Brooklyn
- Lender: Ponce Bank
- Landlord: Zelig Weiss - Riverside Developers USA
- Loan Type: Construction
The deal is represented by Zelig Weiss of Riverside Developers USA, which orchestrated the financing through its entity 545 Coney Island LLC to support the upcoming residential project. The collaboration with Ponce Bank serves as a significant step towards advancing the development objectives outlined for the site.
On the Map
$44,500,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93