Elie Pariente's EMP Capital Group Secures $21.5M Construction Loan For Development Site In Crown Heights
FINANCED
$21,500,000
New York
See Similar DealsDevelopment Site55,957 SF
Financed 04/18/2022
FINANCED
Elie Pariente's EMP Capital Group Secures $21.5M Construction Loan For Development Site In Crown Heights
979 Pacific Street, Brooklyn, New York 11233, United States
See Similar DealsDevelopment Site55,957 SF
Financed 04/18/2022
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$384
Total Square Footage:55,957 SF
Transaction Type:Loan
An undisclosed development site located at 979-985 Pacific Street in Crown Heights has been involved in a recent transaction. The property, which spans approximately 55,957 square feet, is slated for development and will feature 69 units upon completion. The market value of the site remains undisclosed.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $21,500,000
- Address: 979-985 Pacific Street, Crown Heights
- Market: Crown Heights
- Building Square Footage: 55,957
- Number of Units: 69
The loan for this development project was secured from Dime Community Bank in the amount of $21,500,000. The loan type is construction. EMP Capital Group, represented by Elie Pariente, serves as the landlord for the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$21,500,000.00
Monthly NOI$143,333.33
Monthly Debt Service$135,894.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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