Brooklyn Multifamily Property Secures $32M Construction Loan With S3 Capital Partners
FINANCED
$32,000,000
New York
See Similar DealsMultiFamily59,662 SF
Financed 06/17/2019
FINANCED
Brooklyn Multifamily Property Secures $32M Construction Loan With S3 Capital Partners
444 Clinton Ave, Brooklyn, NY 11238, USA
See Similar DealsMultiFamily59,662 SF
Financed 06/17/2019
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$536
Total Square Footage:59,662 SF
Transaction Type:Loan
A construction loan of $32,000,000 has been secured for the development of 43 residential units and 7 townhouses located at 444 Clinton Ave in Brooklyn. The property spans across 59,662 square feet.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $32,000,000
- Address: 444 Clinton Ave
- Market: Brooklyn
- Lender: S3 Capital Partners
- Landlord: Pinny Loketch, Joel Wertzberger, Alan Lebovits @Loketch_Group
- Square Footage: 59,662
The loan was provided by S3 Capital Partners, while Pinny Loketch, Joel Wertzberger, and Alan Lebovits of the Loketch Group serve as the landlords for the property. This construction loan will facilitate the development of 43 residential units and 7 townhouses, bringing new housing options to the area.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$32,000,000.00
Monthly NOI$213,333.33
Monthly Debt Service$202,261.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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