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Joel Wertzberger Secures $66M Construction Loan In Gowanus, Brooklyn

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FINANCED
$66,000,000

New York

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MultiFamily150,000 SF
Financed 06/19/2024
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FINANCED

Joel Wertzberger Secures $66M Construction Loan In Gowanus, Brooklyn

125 3rd Street

See Similar Deals
MultiFamily150,000 SF
Financed 06/19/2024
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$440
Total Square Footage:150,000 SF
Transaction Type:Loan

The multifamily property located at 125 3rd Street in Gowanus, Brooklyn spans 150,000 square feet and consists of 130 units. The transaction involved a construction loan with a total amount of $66,000,000 provided by ICross Capital. The landlord, Joel Wertzberger, oversaw the deal with Morris Betesh from Meridian Capital Group acting as the broker.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $66,000,000
  • Address: 125 3rd Street
  • Market: Gowanus, Brooklyn
  • Loan Type: Construction
  • Loan Terms: 30 Months
  • Lender: ICross Capital
  • Landlord: Joel Wertzberger
  • Broker: Morris Betesh - Meridian Capital Group

Lily Guo, along with Joel Wertzberger and Morris Betesh, played vital roles in the successful completion of the transaction. While Lily Guo's specific involvement was not detailed in the provided information, it is clear that the collaborative efforts of all individuals and companies mentioned were instrumental in closing this significant deal in the Gowanus market.

Players

Morris Betesh
211 deals$12.3B volume(646) 825-7005
BROKER

Meridian Capital Group
BROKERAGE

Details

FINANCED
IMAGE: Lily Guo, Joel Wertzberger & Morris Betesh DATE: 06/19/2024 ADDRESS: 125 3rd Street MARKET: Gowanus, Brooklyn ASSET TYPE: Multifamily ~ SF: 150,000 ~ UNITS: 130 LENDER: ICross Capital LANDLORD: Joel Wertzberger BROKER: Morris Betesh - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $66,000,000 LOAN TYPE: Construction LOAN TERMS: 30 Months

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$66,000,000.00

Monthly NOI$440,000.00
Monthly Debt Service$417,164.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00