Alembic Community Development Secures $30M Construction Loan For Brownsville Development Site
47 New Lots Avenue, 120-122 Liberty Avenue & 609 Osborn Street
$29,992,775
Building Size
—
Asset Type
Land
Closing
Nov 14, 2023
About this deal
AI
Alembic Community Development, operating through the entity Brownsville Crossing Owner LLC, has secured a $30 million new construction loan from Citizens Bank for three development parcels in Brownsville, Brooklyn. The properties involved in this transaction are located at 47 New Lots Avenue, 120-122 Liberty Avenue, and 609 Osborn Street. Benjamin Warnke, the landlord, represents Alembic Community Development in this deal.
Summary of transaction details
- Property Type: Land & Development Site
- Loan Amount: $29,992,775
- Lender: Citizens Bank
- Landlord: Benjamin Warnke - Alembic Community Development
The loan obtained from Citizens Bank will contribute to the development of these three parcels of land in Brownsville, Brooklyn. This transaction highlights the collaboration between Alembic Community Development and Citizens Bank in pursuing the construction and development of these properties. The loan amount will be crucial in enabling the realization of the envisioned projects.
On the Map
$29,992,775
Land
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Players
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Deal FAQ
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