Hakimian Capital Provides $8M Loan For Lower East Side Development Site
FINANCED
$8,000,000
New York
See Similar DealsDevelopment Site40,000 SF
Financed 07/01/2020
FINANCED
Hakimian Capital Provides $8M Loan For Lower East Side Development Site
61 Pitt St, New York, NY 10002, USA
See Similar DealsDevelopment Site40,000 SF
Financed 07/01/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$200
Total Square Footage:40,000 SF
Transaction Type:Loan
The development site located at 61-63 Pitt Street in the Lower East Side has undergone a recent transaction. The loan for the acquisition of the property was provided by Hakimian Capital, a lending company. The loan amount secured for this transaction was $8,000,000, and it was funded in less than 2 weeks. The site spans a total built square footage (BSF) of 40,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,000,000
- Address: 61-63 Pitt Street
- Market: Lower East Side
- Lender: Hakimian Capital
In addition to Hakimian Capital, Damien Smith is the landlord of the property. Smith's involvement in the transaction is significant, as the property will now be under their ownership or management.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,000,000.00
Monthly NOI$53,333.33
Monthly Debt Service$50,565.44
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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