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Joel Landau Refinances Development Site In Bedford-Stuyvesant For $26.5M

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FINANCED
$26,500,000

New York

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Development Site190,400 SF
Financed 04/14/2022
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FINANCED

Joel Landau Refinances Development Site In Bedford-Stuyvesant For $26.5M

600 Dekalb Avenue, Brooklyn, New York 11205, United States

See Similar Deals
Development Site190,400 SF
Financed 04/14/2022
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$139
Total Square Footage:190,400 SF
Transaction Type:Loan

A development site located at 600 Dekalb Avenue in Bedford-Stuyvesant has been refinanced for a loan amount of $26,500,000. The property, with an estimated buildable square footage (BSF) of 190,400, is situated in a prime market area. The loan, obtained from Metropolitan Commercial Bank, will be used to refinance the property.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $26,500,000
  • Address: 600 Dekalb Avenue
  • Market: Bedford-Stuyvesant
  • BSF: 190,400
  • Lender: Metropolitan Commercial Bank
  • Landlord: Joel Landau
  • Loan Type: Refinance

Joel Landau, the landlord of the property, was responsible for securing the loan from Metropolitan Commercial Bank for the refinancing of the development site. Through this transaction, Landau aims to optimize the financial aspects of the property.

Players

Metropolitan Commercial Bank
Metropolitan Commercial Bank
LENDER
JL
Joel Landau
3 deals$242.8M volume
LANDLORD

Details

FINANCED
IMAGE: 04/14/2022 ADDRESS: 600 Dekalb Avenue MARKET: Bedford-Stuyvesant ASSET TYPE: Development Site ~ BSF: 190,400 LENDER: Metropolitan Commercial Bank LANDLORD: Joel Landau LOAN AMOUNT: $26,500,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$26,500,000.00

Monthly NOI$176,666.67
Monthly Debt Service$167,498.03
Change in Cash Flow$0.00
Refinance Proceeds$0.00