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Lorimer Capital Provides $72 Million Construction Loan For Mixed-Use Development In Williamsburg
FINANCED
$72,000,000
+ 2
New York
See Similar DealsMixed-use
Financed
FINANCED
Lorimer Capital Provides $72 Million Construction Loan For Mixed-Use Development In Williamsburg
83 Wythe Avenue
See Similar DealsMixed-use
Financed
+ 2
Summary
NEW YORK
Asset Type:Mixed-use
Transaction Type:Loan
83 Wythe Avenue is a 13-story, approximately 187,000-square-foot mixed-use project located in Williamsburg, Brooklyn. The transaction involves a $72 million construction loan facilitated by Lorimer Capital.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $72,000,000
- Lender: Lorimer Capital
- Landlord: Michael Weitzman & Jay Weitzman - Double U Development Realty
- Brokers: Richard Sutton, Max Lipner & Akiva Gottlieb - Parallel CRE
The development is undertaken by Double U Development, represented in this transaction by landlords Michael Weitzman and Jay Weitzman. The brokers facilitating this deal are Richard Sutton, Max Lipner, and Akiva Gottlieb from Parallel CRE.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$72,000,000.00
Monthly NOI$480,000.00
Monthly Debt Service$455,088.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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