Signature Bank Provides $18.9M Refinance Loan For Development Site In Bedford-Stuyvesant
886-892 Broadway, Brooklyn, New York 11206, United States
$18,991,415
$397/SF
Building Size
47,743 SF
Asset Type
Development Site
Closing
Aug 10, 2022
AI
The loan transaction occurred on August 11, 2022, for the development site located at 886-892 Broadway in Bedford-Stuyvesant. The asset type of the property is a development site with a Buildable Square Footage (BSF) of 47,743. The borrower sought a refinance loan, which was provided by Signature Bank in the amount of $18,991,415.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $18,991,415
- Address: 886-892 Broadway
- Market: Bedford-Stuyvesant
- BSF: 47,743
The loan transaction involved the following parties: Benzion Reifer, Mordechai Getz, and Israel Elbogen. Benzion Reifer and Mordechai Getz acted as the landlords, while Israel Elbogen served as the broker representative for the deal.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.84%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93