HKS Real Estate Advisors Facilitates $15.65M Construction Loan For Mixed-Use Property On Manhattan Avenue, Greenpoint
723 Manhattan Avenue
$15,650,000
$352/SF
Building Size
44,461 SF
Asset Type
Mixed-use
Closing
Mar 2, 2023
About this deal
AI
The mixed-use property located at 723 Manhattan Avenue in Greenpoint has undergone a recent loan transaction. The loan amount for this deal was $15,650,000, and it was a construction loan. The terms of the loan included a 70% loan-to-cost ratio and a 99-year ground lease.
Summary of transaction details:
- Property Type: Mixed-Use
- Transaction Amount: $15,650,000
- Loan Type: Construction
- Loan Terms: 70% LTC, 99-year ground lease
The broker involved in this transaction is Max Ralby from HKS Real Estate Advisors. Max Ralby represents the parties involved in this deal but is not the buyer, seller, landlord, or tenant.
Players
Market 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
1.01%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93