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Joel Wurzberger Secures $85 Million Loan For Mixed-Use Development At 133 Kent Avenue Brooklyn

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FINANCED
$85,000,000

New York

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Mixed-use83,000 SF
Financed 11/25/2024
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Property Image
FINANCED

Joel Wurzberger Secures $85 Million Loan For Mixed-Use Development At 133 Kent Avenue Brooklyn

133 Kent Avenue

See Similar Deals
Mixed-use83,000 SF
Financed 11/25/2024
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,024
Total Square Footage:83,000 SF
Transaction Type:Loan

The property involved in this transaction is a mixed-use asset located at 133 Kent Avenue in Brooklyn. It encompasses a total of 83,000 square feet and consists of 43 units. The loan amount secured for this acquisition and construction project is $85,000,000.

Summary of transaction details:

Key individuals involved in this transaction include lenders Robert Schwartz, Shawn Safdie, and Steven Jemal of S3 Capital Partners. The landlord for the property is Joel Wurzberger, while the brokerage team from JLL includes Aaron Niedermayer, Geoff Goldstein, and Ethan Stanton, who played significant roles in facilitating this deal.

Players

Ethan Stanton
134 deals$6.2B volume(516) 790-7718
BROKER

Geoff Goldstein
JLL
55 deals$7.9B volume
BROKER

Aaron Niedermayer
JLL
32 deals$2.2B volume
BROKER

S3 Capital
LENDER

Details

FINANCED
IMAGE: Steven Jemal, Aaron Niedermayer, Robert Schwartz, Geoff Goldstein & Shawn Safdie DATE: 11/25/2024 ADDRESS: 133 Kent Avenue MARKET: Brooklyn ASSET TYPE: Mixed-use ~ SF: 83,000 ~ UNITS: 43 LENDER: Robert Schwartz, Shawn Safdie & Steven Jemal (@SFJemal) - S3 Capital Partners (@S3Capital) LANDLORD: Joel Wurzberger BROKERS: Aaron Niedermayer, Geoff Goldstein & Ethan Stanton - JLL (@JLL) LOAN AMOUNT: $85,000,000 LOAN TYPE: Acquisition + Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$85,000,000.00

Monthly NOI$566,666.67
Monthly Debt Service$537,257.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00