Convergent Energy & Power Lands $17.3 Million Loan From MUFG For Brooklyn Battery Storage System
1017 East 48th Street
$17,300,000
Building Size
—
Asset Type
Industrial
Closing
Feb 13, 2026
AI
The asset involved in the transaction is an industrial property located at 1017 East 48th Street in East Flatbush, Brooklyn. The asset encompasses a total square footage of 92,000. The loan amount secured for this property is $17,300,000.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $17,300,000
- Address: 1017 East 48th Street
- Market: East Flatbush, Brooklyn
- Lender: MUFG
- Landlord: Johannes Rittershausen - Convergent Energy & Power
Convergent Energy and Power, through Bensonhurst Energy Storage 1 LLC, is the entity that secured the loan from MUFG Bank specifically for a battery energy storage system at the property mentioned.
Players
Brooklyn Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.92%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93