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3116 Clarendon Rd, New York...

Updated Nov 28, 2024

$9M Loan Secured For Mixed-Use Property At 3116 Clarendon Rd, Brooklyn
FINANCEDMixed-use

$9M Loan Secured For Mixed-Use Property At 3116 Clarendon Rd, Brooklyn

3116 Clarendon Rd, New York, NY, 11...

$9,000,000

Building Size

—

Asset Type

Mixed-use

Closing

Nov 22, 2023

About this deal

AI

The acquisition loan for the property located at 3116 Clarendon Rd, New York, NY, 11203, in the Brooklyn market, amounted to $9,000,000.00. The loan, provided by Emerald Creek Capital in June of 2022, is secured by a newly constructed 7-story mixed-use apartment building with 19,148 square feet of gross buildable area. The building comprises 22 high-quality apartments with private balconies above a 3,200 square foot educational facility. Amenities include a roof deck, lounge, game room, and parking.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $9,000,000.00
  • Address: 3116 Clarendon Rd, New York, NY, 11203
  • Market: Brooklyn

The borrower of the $9,000,000 acquisition loan for the mixed-use property in Brooklyn, NY is an entity known as Unknown LLC. The property is strategically located in the vibrant Flatbush neighborhood, known for its array of restaurants and businesses, and its proximity to various cultural and recreational assets like Prospect Park, the Brooklyn Botanic Garden, and the Brooklyn Museum of Art. Additionally, the property benefits from easy accessibility via the nearby 2 and 5 subway lines.

On the Map

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$9,000,000

Mixed-use

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Players

Mike Cleaver

Broker

$189.2M

vol

23 deals

Broker
Emerald Creek Capital
Emerald Creek CapitalLandlord
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Brooklyn 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

1.76%

Cash-on-Cash

-0.50%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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