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Monadnock Development Secures $110.4M Construction Loan From NYC Housing Development Corporation
FINANCED
$110,400,000
New York
See Similar DealsDevelopment Site
Financed 04/26/2024
FINANCED
Monadnock Development Secures $110.4M Construction Loan From NYC Housing Development Corporation
890 Erskine Street
See Similar DealsDevelopment Site
Financed 04/26/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The development site located at 890 Erskine Street in East New York, Brooklyn, with a buildable square footage of 130,127, was the focus of a recent transaction involving a construction loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $110,400,000
- Address: 890 Erskine Street
- Market: East New York, Brooklyn
- Lender: NYC Housing Development Corporation
- Landlord: Nicholas Lembo - Monadnock Development
- Loan Type: Construction
Spring Creek 26a Owner LLC, representing Monadnock Development, secured a construction loan of $110.4 million from NYC Housing Development Corporation for the development site at 890 Erskine Street in East New York, Brooklyn. Nicholas Lembo of Monadnock Development serves as the landlord for this property transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$110,400,000.00
Monthly NOI$736,000.00
Monthly Debt Service$697,803.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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