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Elliot Horowitz Of H Equities Closes $12M Loan For Mixed-use Property In Brooklyn

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FINANCED
$12,000,000

New York

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Mixed-use22,000 SF
Financed 12/19/2024
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FINANCED

Elliot Horowitz Of H Equities Closes $12M Loan For Mixed-use Property In Brooklyn

135 Kent Avenue

See Similar Deals
Mixed-use22,000 SF
Financed 12/19/2024
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$545
Total Square Footage:22,000 SF
Transaction Type:Loan

135 Kent Avenue is located in Brooklyn and comprises a mixed-use property with a total square footage of 22,000. The property is currently undergoing repositioning with additional capital expenditures aimed at attracting new retailers to the area. The loan involved in this transaction amounts to $12,000,000.

Summary of transation details:

  • Property Type: Mixed-use
  • Transaction Amount: $12,000,000
  • Address: 135 Kent Avenue
  • Market: Brooklyn
  • Lender: Elliot Horowitz - H Equities & 141 Funding
  • Landlord: Michael Weitzman
  • Loan Type: Repositioning
  • Square Footage: 22,000

Elliot Horowitz serves as the CEO of H Equities, the lending entity alongside 141 Funding. H Equities has expressed a commitment to exploring additional financing opportunities, including bridge financing and joint ventures, aiming to collaborate with sponsors interested in further expanding their capital structures.

Players

H Equities
H Equities
LENDER

Details

FINANCED
IMAGE: Elliot Horowitz DATE: 12/19/2024 ADDRESS: 135 Kent Avenue MARKET: Brooklyn ASSET TYPE: Mixed-use ~ SF: 22,000 LENDER: Elliot Horowitz (@ElliotHorowitz_) - H Equities (@HEquities) & 141 Funding LANDLORD: Michael Weitzman LOAN AMOUNT: $12,000,000 LOAN TYPE: Repositioning NOTE FROM LENDER: H Equities is pleased to announce the funding of a $12,000,000 senior loan has recently closed in the Williamsburg section of Brooklyn. The transaction was closed in continued partnership with 141 Funding and was funded without any back-leverage. Located on a prime corner, 135 Kent Avenue is a 22,000 square foot mixed-use property undergoing additional cap-ex suitable for incredible new retailers to enter into the neighborhood. The borrowers have significant expertise in the area over many decades, and we are very excited to see their transformation of the property. H Equities is actively seeking bridge financing opportunities, as well as direct acquisitions and investments with like-minded sponsors. We are especially interested in providing preferred equity or mezzanine financing where traditional lenders are quoting less leverage and sponsors would like to fill in their capital stack with additional, accretive financing. Our investments include: First Mortgages Mezzanine Loans B-Pieces Preferred Equity GP Equity Soft Deposit Financing Buyout of Existing GP/LP Positions NPL Acquisitions and Financing If you or a client are in need of any debt or equity financing, I look forward to discussing the opportunities with you and can be reached via return email, or 917-748-1955. Please feel free to reach out anytime. Thank you, Elliot Horowitz Chief Executive Officer H Equities LLC www.hequities.com

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$12,000,000.00

Monthly NOI$80,000.00
Monthly Debt Service$75,848.16
Change in Cash Flow$0.00
Refinance Proceeds$0.00