Updated Mar 11, 2025
Yelena Vaynshteyn Secures $35M Construction Loan For Brooklyn Residential Project
815 Kings Highway Brooklyn, NY 11223, USA
$35,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 22, 2023
About this deal
AI
Yelena Vaynshteyn has obtained a $35 million construction loan from Ponce Bank for a residential project located at 815 Kings Highway in Sheepshead Bay, Brooklyn. The development site is set in an attractive market and holds potential for significant growth.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $35,000,000
- Lender: Ponce Bank
- Lender's Representative: Steven A. Tsavaris
- Landlord: Yelena Vaynshteyn
- Loan Type: Construction
Steven A. Tsavaris, from Ponce Bank, facilitated the $35 million loan for Yelena Vaynshteyn's residential development project at 815 Kings Highway. This strategic financing helps support the construction of the project and reflects the confidence both the lender and landlord have in the potential of the Sheepshead Bay market.
On the Map
$35,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93