Westbridge Realty Group Secures $6.3M Construction Loan From IceCap Group For Brownsville Development
926 Mother Gaston Boulevard
$6,300,000
$2,161/SF
Building Size
2,915 SF
Asset Type
Development Site
Closing
May 15, 2025
AI
A construction loan of $6,300,000 has been secured for a 24-unit development site located at 926 Mother Gaston Boulevard in Brownsville, Brooklyn, which encompasses a building square footage of 7,290. The property is categorized under the asset type: Development Site.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $6,300,000
- Lender: IceCap Group
- Landlord: Steven Westreich - Westbridge Realty Group; Zev Lefkowitz & Israel Weinberger
- Loan Type: Construction
Key individuals involved in this transaction include Steven Westreich representing Westbridge Realty Group, along with Zev Lefkowitz and Israel Weinberger, who all played significant roles in securing the financing from IceCap Group for the development project.
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
2.52%
Cash-on-Cash
-0.72%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93