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JCS Realty Secures $33 Million Construction Loan From Valley National Bank For Development Site In Crown Heights
FINANCED
$33,000,000
New York
See Similar DealsDevelopment Site
Financed 09/16/2025
FINANCED
JCS Realty Secures $33 Million Construction Loan From Valley National Bank For Development Site In Crown Heights
721 Lincoln Place
See Similar DealsDevelopment Site
Financed 09/16/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$33,000,000.00
Monthly NOI$220,000.00
Monthly Debt Service$208,582.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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