Updated Nov 20, 2023
Joel Schwartz's 102 Frost LLC Secures $18.9M Refi Loan For Brooklyn Development Site
98 Frost St Brooklyn, Ny 11211, Usa
$18,950,000
Building Size
—
Asset Type
Development Site
Closing
May 3, 2023
About this deal
AI
Joel Schwartz's 102 Frost LLC has secured an $18.9 million refinance loan with BridgeCity Capital's BridgeCity Hilltop LLC for the development building located at 98-100 Frost Street in Williamsburg, Brooklyn. The transaction was closed on May 3, 2023.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $18,900,000
- Address: 98-100 Frost Street, Williamsburg, Brooklyn
- Lender: BridgeCity Capital - Louis Lebovits
- Landlord: Joel Schwartz
- Loan Type: Refinance
The loan was provided by BridgeCity Capital's BridgeCity Hilltop LLC, representing Louis Lebovits. Joel Schwartz, as the landlord, secured the loan through his company 102 Frost LLC. The refinance loan will support the development of the building located at 98-100 Frost Street in Williamsburg, Brooklyn.
On the Map
$18,950,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.84%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93