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Jacob Landau Secures $36.5 Million Construction Loan From Cross River Bank For Multifamily Development

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FINANCED
$36,500,000

New York

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MultiFamily
Financed 01/03/2025
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Property Image
FINANCED

Jacob Landau Secures $36.5 Million Construction Loan From Cross River Bank For Multifamily Development

2246 Fulton Street

See Similar Deals
MultiFamily
Financed 01/03/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan

The asset involved in this transaction is a multifamily development consisting of 119 units located at 2246 Fulton Street in the Cypress Hills neighborhood of Brooklyn. The loan amount secured for this construction financing is $36,500,000, provided by Cross River Bank.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $36,500,000
  • Address: 2246 Fulton Street
  • Market: Cypress Hills
  • Lender: Cross River Bank
  • Landlord: Jacob Landau
  • Loan Type: Construction

Jacob Landau is the landlord involved in this transaction, having secured the funding for the multifamily development project. The financing is aimed at supporting the construction efforts in the Cypress Hills area.

Players

Cross River Bank
Cross River Bank
LENDER

Details

FINANCED
IMAGE: Jacob Landau DATE: 01/03/2025 ADDRESS: 2246 Fulton Street MARKET: Cypress Hills ASSET TYPE: Multifamily LENDER: Cross River Bank (@CrossRiver_) LANDLORD: Jacob Landau LOAN AMOUNT: $36,500,000 LOAN TYPE: Construction NOTE: Jacob Landau secured $36.5 million in construction financing from Cross River Bank for a 119-unit multifamily development at 2246 Fulton Street in Brooklyn's Cypress Hills neighborhood.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$36,500,000.00

Monthly NOI$243,333.33
Monthly Debt Service$230,704.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00