Updated Jul 1, 2026
Elie Pariente Of EMP Capital Group Secures $44.5 Million Loan From Valley National Bank
918 Atlantic Avenue
$44,500,000
$595/SF
Building Size
74,704 SF
Asset Type
Development Site
Closing
Jun 17, 2026
About this deal
AI
The property asset involved in this transaction is a development site located at 918 Atlantic Avenue in Crown Heights, Brooklyn. The asset encompasses a total square footage of 74,704 and is intended for a residential project consisting of 99 units. The loan amount secured for this project is $44,500,000, provided by Valley National Bank, and is categorized as a construction loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $44,500,000
- Address: 918 Atlantic Avenue
- Market: Crown Heights, Brooklyn
- Lender: Valley National Bank
- Landlord: Elie Pariente - EMP Capital Group
- Previous Loan Amount: $4,700,000 from Popular Bank
Key individuals and companies in this transaction include Elie Pariente representing EMP Capital Group, who is the landlord for the development site. The financing was arranged through Valley National Bank, marking a significant step in the development of the planned residential project.
On the Map
$44,500,000
$595/SF
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93