Equitas Capital Group Secures $10.59M Loan For Development Site In Midwood, Brooklyn

Located in Midwood, Brooklyn, this development site at 623 Avenue H offers a great investment opportunity. With a buildable square footage (BSF) of 40,000, this property is ideal for future development projects. The transaction was completed on January 28, 2021, with a loan amount of $10,590,000. The loan has a competitive interest rate of 4.75% and a term of 24 months, with the option to extend for two additional 6-month periods. The amortization is interest-only, and the loan-to-value (LTV) ratio is 70%. Alex Leykind from Equitas Capital Group served as the broker for this transaction.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $10,590,000
• Loan Rate: 4.75%
• Loan Term: 24 Months (with 2 extensions)
• Loan Amortization: Interest Only
• LTV: 70%

Equitas Capital Group, represented by Alex Leykind, facilitated the financing or refinancing of this commercial property or development. For assistance with your next real estate project, you can reach out to Equitas Capital Group at 646-637-7510.