Updated Oct 29, 2024
RiseBoro Community Partnership Secures $24.7M Rehab Construction Loan For Bushwick Multifamily
113 Linden Street
$24,700,000
Units
72
Asset Type
MultiFamily
Closing
May 1, 2023
About this deal
AI
A subsidiary of RiseBoro Community Partnership, Riseboro Tpt 10 LLC, has secured a rehab construction loan of $24.7 million from Citizens Bank for a portfolio of six properties in Brooklyn's Bushwick neighborhood. The properties consist of a total of 72 multifamily units, located at 113-115 Linden Street, 109-111 Linden Street, and 160 Bleecker Street.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $24,700,000
- Units: 72
- Lender: Citizens Bank - Allen Lamboy
- Landlord: RiseBoro Community Partnership - Emily Kurtz
The loan, provided by Citizens Bank, will be used for the rehabilitation and construction of the properties. This financing will enable Riseboro Tpt 10 LLC to improve and enhance these assets, contributing to the development and revitalization of the Bushwick neighborhood in Brooklyn.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Emily Kurtz to view all their deals.
Browse New York multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.64%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93