Updated Apr 27, 2026
Sterling Town Equities Closes $30 Million Construction Loan With Valley National Bank In Brooklyn
105 Underhill Avenue & 326 Saint Marks Avenue
$30,000,000
$223/SF
Building Size
67,250 SF
Asset Type
Industrial
Closing
Mar 30, 2026
About this deal
AI
An industrial asset located at 105 Underhill Avenue and 326 Saint Marks Avenue in Prospect Heights, Brooklyn, consists of 67,250 square feet. Sterling Town Equities has closed a construction loan for the asset.
Summary of transation details:
- Property Type: Industrial
- Transaction Amount: $30,000,000
- Lender: Valley National Bank
- Landlord: Sterling Town Equities
- Loan Type: Construction
Sterling Town Equities, through Underhill Heights LLC, is the entity that secured the loan facilitated by Valley National Bank, specifically tied to the two industrial sites 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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93