Fortress Investment Group Provides $22.5M Acquisition & Construction Loan In Clinton Hill Mixed-Use Transaction
10 Grand Avenue, Clinton Hill, Brooklyn, NY 11205, USA
$22,500,000
$305/SF
Building Size
73,670 SF
Asset Type
Mixed-use
Closing
Oct 26, 2021
About this deal
AI
The property involved in the transaction is a mixed-use asset located at 10 Grand Avenue in the Clinton Hill market. The total square footage of the property is 73,670. An acquisition and construction loan amounting to $22,500,000 has been secured for this asset.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $22,500,000
- Lender: Fortress Investment Group
- Landlord: Glacier Equities
- Brokers: Dylan Kane & Zach Redding - Kane-Redding
- Loan Type: Acquisition + Construction loan
The key individuals involved in this transaction include the brokers Dylan Kane and Zach Redding who represent the landlord, Glacier Equities. Their roles facilitated the arrangement of the loan for the acquisition and construction of the property.
On the Map
$22,500,000
$305/SF
Mixed-use
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Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93