Updated Sep 9, 2024
Starwood Property Trust Provides $49M Construction & Acquisition Loan For Canarsie Industrial Property
807 Bank Street
$49,021,636
$285/SF
Building Size
172,000 SF
Asset Type
Industrial
Closing
Dec 22, 2021
About this deal
AI
Daniel Neidich, Peter Rotchford, Andrew Joblon, Christopher Peck, and Ryan Nelson are featured in an image posted on Instagram. The post includes information about a loan transaction that took place on December 22, 2021. The property involved is located at 807 Bank Street and 300 DeWitt Avenue in Canarsie. It is an industrial asset with a total area of 172,000 square feet situated on 2.06 acres.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $49,021,636
- Market: Canarsie
- Address: 807 Bank Street & 300 DeWitt Avenue
- Square Footage: 172,000
- Acres: 2.06
The loan for this transaction was provided by Starwood Property Trust. The landlords involved in the deal are Andrew Joblon and Ryan Nelson from Turnbridge Equities, as well as Daniel Neidich from Dune Real Estate Partners. The brokers representing the transaction are Christopher Peck and Peter Rotchford from JLL Capital Markets.
The loan type for this transaction is described as a Construction & Acquisition Loan.
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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93