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Moses Karpen Secures $7 Million Refinancing Loan From Bank Of Princeton For Development Site In Brooklyn

Property Image
FINANCED
$7,000,000

New York

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Development Site15,520 SF
Financed 01/28/2026
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Property Image
FINANCED

Moses Karpen Secures $7 Million Refinancing Loan From Bank Of Princeton For Development Site In Brooklyn

80 Vernon Avenue & 82 Vernon Avenue

See Similar Deals
Development Site15,520 SF
Financed 01/28/2026
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$451
Total Square Footage:15,520 SF
Transaction Type:Loan

The asset involved in this transaction is a development site located at 80-82 Vernon Avenue in the Bedford-Stuyvesant neighborhood of Brooklyn. This site has a total square footage of 7,760, which includes an eight-unit, 4,935-square-foot R-2 building that is currently under construction. The total buildable space for this property is 15,000 square feet, and the loan price is set at $898 per built square foot.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $7,000,000
  • Address: 80-82 Vernon Avenue
  • Market: Bedford Stuyvesant, Brooklyn
  • Lender: Bank of Princeton
  • Landlord: Moses Karpen
  • Loan Type: Refinance
  • Loan Closing Date: January 28, 2026

Moses Karpen’s 80 Vernon Gardens LLC is the entity that secured the $7 million refinancing loan from Bank of Princeton for the development site. This transaction was finalized on January 28, 2026, highlighting the investment and development activities taking place in the Bedford-Stuyvesant area.

Players

Bank of Princeton
Bank of Princeton
LENDER

Details

FINANCED
IMAGE: 01/28/2026 ADDRESS: 80-82 Vernon Avenue MARKET: Bedford Stuyvesant, Brooklyn ASSET TYPE: Development Site ~ SF: 7,760 LENDER: Bank of Princeton LANDLORD: Moses Karpen LOAN AMOUNT: $7,000,000 LOAN TYPE: Refinance NOTE: Moses Karpen’s 80 Vernon Gardens LLC secured a $7M refinancing loan from Bank of Princeton for a development site at 80-82 Vernon Avenue in Bedford-Stuyvesant, Brooklyn, closing January 28, 2026. The site includes an eight-unit, 4,935-square-foot R-2 building under construction, with total buildable space of 15,000 square feet and a loan price of $898 per built square foot.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$7,000,000.00

Monthly NOI$46,666.67
Monthly Debt Service$44,244.76
Change in Cash Flow$0.00
Refinance Proceeds$0.00