JCS Realty Secures $33 Million Construction Loan From Valley National Bank For Development Site In Crown Heights
721 Lincoln Place
$33,000,000
Building Size
—
Asset Type
Development Site
Closing
Sep 16, 2025
AI
A construction loan of $33 million was secured for a development site located at 721 Lincoln Place in Crown Heights, Brooklyn. The project encompasses a residential building designed to contain 100 units and covers a total area of 64,673 square feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $33,000,000
- Address: 721 Lincoln Place
- Market: Crown Heights, Brooklyn
- Lender: Valley National Bank
- Landlord: Jacob Schwimmer - JCS Realty
- Loan Type: Construction
Jacob Schwimmer, representing JCS Realty, is the landlord involved in this transaction, while Valley National Bank is the lender providing the financing for the construction project.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93