Hirshmark Capital Provides $4M Construction Loan For Multifamily Project In Brooklyn
571 Ocean Parkway, Brooklyn, NY 11218
$4,000,000
$160/SF
Building Size
25,000 SF
Asset Type
MultiFamily
Closing
Sep 13, 2021
AI
A construction loan has been secured for a multifamily property located at 571 Ocean Parkway in Brooklyn. The asset encompasses approximately 25,000 square feet and features a total of 30 units. The loan, amounting to $4,000,000, was provided by Hirshmark Capital. Alex Nad is the landlord of the property.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $4,000,000
- Address: 571 Ocean Parkway, Brooklyn
- Market: Brooklyn
- Square Footage: 25,000
- Number of Units: 30
Jake Soodek from Hirshmark Capital and Max Goveia from Leviathan Capital acted as brokers in this deal representing their respective agencies.
Players
New York 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
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93