Urban Standard Capital Provides $6.18M Construction Loan For Mixed-Use Property In Crown Heights, Brooklyn
627 Franklin Avenue, Brooklyn, New York 11238, United States
$6,180,000
$463/SF
Building Size
13,330 SF
Asset Type
Mixed-use
Closing
Mar 3, 2022
AI
The property asset involved in this transaction is a mixed-use building located at 627 Franklin Ave. in the Crown Heights area of Brooklyn. This property encompasses a total square footage of 16,083 and is financed through a construction loan valued at $6,180,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $6,180,000
- Address: 627 Franklin Ave.
- Market: Crown Heights, Brooklyn
- Lender: Urban Standard Capital
- Key Individuals: Seth Weissman, Charlie Brosens, and Harrison Rowen
- Loan Type: Construction Loan
This deal was facilitated by Urban Standard Capital, with Seth Weissman, Charlie Brosens, and Harrison Rowen representing the lender. For any bridge and construction lending opportunities, interested parties are advised to reach out to Charlie at [email protected] and Harrison at [email protected].
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
2.57%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93