Updated Oct 29, 2024
SD Asset Management Secures $8.5M Refinance Loan For Development Site At 779 Flatbush Avenue
779 Flatbush Ave Brooklyn, NY 11226, USA
$8,500,000
$418/SF
Building Size
20,296 SF
Asset Type
Development Site
Closing
Aug 2, 2023
About this deal
AI
A refinancing loan worth $8.5 million has been secured by SD Asset Management's entity, 779 Flatbush Propco LLC, for their 27-unit condominium development located at 779 Flatbush Avenue in Flatbush, Brooklyn. The development site spans over 20,296 BSF (Buildable Square Feet).
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $8,500,000
- Address: 779 Flatbush Avenue
- Market: Flatbush, Brooklyn
The refinancing loan was provided by lenders Edward Sudit and Vladimir Sudit to SD Asset Management. Edward Sudit and Vladimir Sudit acted as the lenders in this transaction. The landlord of the property is SD Asset Management, represented by David F. Schwarz.
Players
Brooklyn Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93