Updated Oct 7, 2025
JCS Realty Secures $33 Million Construction Loan From Valley National Bank For Development Site In Crown Heights
721 Lincoln Place
$33,000,000
Units
100
Asset Type
Development Site
Closing
Sep 16, 2025
About this deal
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.
On the Map
$33,000,000
Development Site
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Players
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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