facebook


Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

New York

/

Mixed Use

/

Loan

/

298 Metropolitan Ave, Brook...

Updated Oct 29, 2024

Emerald Creek Capital Provides $7M Loan For 298 Metropolitan Ave Mixed-Use, Brooklyn
FINANCEDMixed-use

Emerald Creek Capital Provides $7M Loan For 298 Metropolitan Ave Mixed-Use, Brooklyn

298 Metropolitan Ave, Brooklyn, NY, 1...

$7,000,000

Building Size

—

Asset Type

Mixed-use

Closing

Nov 22, 2023

About this deal

AI

Located at 298 Metropolitan Ave in Brooklyn, NY, this mixed-use property secured a $7,000,000 refinance provided by Emerald Creek Capital in April 2017. The loan was backed by a 100% stabilized building spanning 10,457 SF and structured as a non-revolving line of credit, enabling the borrower to leverage the property's equity for other investment opportunities. Situated in Williamsburg, a sought-after residential neighborhood near the waterfront and Manhattan, this asset offers prime accessibility and market potential.

Summary of transation details:

  • Property Type: Mixed-use
  • Transaction Amount: $7,000,000.00
  • Market: Brooklyn
  • Lender: Emerald Creek Capital
  • Lender's Rep: Mike Cleaver, Managing Director
  • Contact Information:
    • Phone: (212) 239-6845
    • Email: [email protected]
    • Addresses:
      • 575 Lexington Ave, 31st Floor, New York, NY 10022
      • 3801 PGA Blvd, Suite 600, Palm Beach Gardens, FL 33410
      • 601 Chadds Ford Drive, Suite 200, Chadds Ford, PA 19317
      • 101 Federal Street, Suite 1900, Boston, MA 02210

The borrower leveraged the 100% stabilized mixed-use building at 298 Metropolitan Ave, Brooklyn, NY, to secure a $7,000,000 refinance through Emerald Creek Capital, highlighting the strategic maneuver to capitalize on market opportunities. Mike Cleaver, the Managing Director at Emerald Creek Capital, facilitated this transaction, underscoring the importance of professional representation in real estate financing deals.

On the Map

Open live map

$7,000,000

Mixed-use

View full map

Players

Mike Cleaver

Broker

$189.2M

vol

23 deals

Broker
Emerald Creek Capital
Emerald Creek CapitalLender
Bilt advertisement

Brooklyn Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Loan transactions

Loading comparables…

Deal FAQ

Visit Mike Cleaver to view all their deals.

Browse New York mixed use loans on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.27%

Cash-on-Cash

-0.65%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

More Deals

Nearby Markets