Updated Oct 28, 2024
Metropolitan Corner Bushwick Lender LLC Provides $62.6M Construction Loan For Development Site On Metropolitan Avenue, East Williamsburg
824 Metropolitan Avenue, Brooklyn, New York 11211, United States
$62,600,000
Building Size
—
Asset Type
Development Site
Closing
Jun 6, 2022
About this deal
AI
The property involved in this closed transaction is a development site located at 824 Metropolitan Avenue in East Williamsburg. The loan, dated on 06/07/2022, was provided by Metropolitan Corner Bushwick Lender LLC to Prospect Developers II. The loan amount for this construction project is $62,600,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $62,600,000
- Loan Type: Construction
- Address: 824 Metropolitan Avenue
- Market: East Williamsburg
Metropolitan Corner Bushwick Lender LLC acted as the lender in this transaction, while Prospect Developers II served as the landlord. The loan was provided for the development of the site located at 824 Metropolitan Avenue in East Williamsburg.
On the Map
$62,600,000
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93