Updated Oct 28, 2024
RiseBoro Secures $40M Construction Loan For East Flatbush Development Site
604 East 40th Street, Brooklyn, New York 11203, United States
$40,045,609
$4,749/SF
Building Size
8,432 SF
Asset Type
Development Site
Closing
Sep 18, 2022
About this deal
AI
The development site located at 604 East 40th Street & 594 East 40th Street in East Flatbush, Brooklyn has secured a construction loan. The loan was provided by Webster Bank, with K. James Dittbrenner serving as the lender's representative. The property is owned by RiseBoro, a prominent landlord in the area. The development site has a buildable square footage (BSF) of 8,432 and consists of 58 units.
Summary of transaction details:
- Property Type: Development site
- Loan Amount: $40,045,609
- Loan Type: Construction
- Market: East Flatbush, Brooklyn
- Address: 604 East 40th Street & 594 East 40th Street
- Buildable Square Footage (BSF): 8,432
- Units: 58
K. James Dittbrenner, representing Webster Bank, played a crucial role in securing the loan for the development site. This loan will enable the project to move forward and ensure the successful completion of the construction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93