Signature Bank Provides $18.9M Refinance Loan For Development Site In Bedford-Stuyvesant
FINANCED
$18,991,415
New York
See Similar DealsDevelopment Site47,743 SF
Financed 08/11/2022
FINANCED
Signature Bank Provides $18.9M Refinance Loan For Development Site In Bedford-Stuyvesant
886-892 Broadway, Brooklyn, New York 11206, United States
See Similar DealsDevelopment Site47,743 SF
Financed 08/11/2022
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$397
Total Square Footage:47,743 SF
Transaction Type:Loan
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.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$18,991,415.00
Monthly NOI$126,609.43
Monthly Debt Service$120,038.66
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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