Updated Oct 25, 2024
White Oak Real Estate Capital Provides $55.5M Construction Loan For Multifamily Property In Bushwick
159 Boerum Street
$55,500,000
$616/SF
Building Size
90,000 SF
Asset Type
MultiFamily
Closing
Dec 29, 2022
About this deal
AI
The multifamily property located at 159 Boerum Street in Bushwick has been involved in a closed transaction. The property spans over 90,000 square feet and consists of 161 units. The transaction involved a construction loan.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $55,500,000
- Address: 159 Boerum Street
- Market: Bushwick
- Square Footage: 90,000
- Number of Units: 161
The loan for this transaction was provided by White Oak Real Estate Capital. The landlord involved in the transaction is Slate Property Group and Avenue Realty Capital, represented by Martin Nussbaum and David Schwartz. The brokerage team from Newmark, including Daniel Fromm, Dustin Stolly, and Jordan Roeschlaub, facilitated the deal.
Players
Bushwick MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93