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
$21,500,000
$384/SF
Building Size
55,957 SF
Asset Type
Development Site
Closing
Apr 17, 2022
AI
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.
Players
New York 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
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93