Updated Nov 4, 2023
Chaim Drizin & Robert Fireworker Secure $55M Popular Bank Loan For Crown Heights Development
Crown Street Crown Heights, Brooklyn
$48,416,286
Units
94
Asset Type
Development Site
Closing
Jul 31, 2023
About this deal
AI
600 Crown Holdings LLC, operated by Chaim Drizin and Robert Fireworker, has secured a $55 million loan from Popular Bank for the development of a 94-unit project located at 600 Crown Street in Crown Heights, Brooklyn. The loan, which was finalized on July 31, 2023, is designated for the construction of the development site, which spans a total of 96,120 square feet.
Summary of Transaction Details
- Property Type: Development Site
- Loan Amount: $48,416,286
- Loan Type: Construction
- Address: Crown Street
- Market: Crown Heights, Brooklyn
- Lender: Popular Bank
- Landlord: Chaim Drizin & Robert Fireworker
The loan, provided by Popular Bank, will support the development of a 94-unit project located at 600 Crown Street in Crown Heights, Brooklyn. Chaim Drizin and Robert Fireworker, through their entity 600 Crown Holdings LLC, have secured the $55 million loan for the construction of the development site.
On the Map
$48,416,286
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93