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Radson Development Acquires 160-Unit Multifamily In East New York For $65.7M

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FINANCED
$65,740,483

New York

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MultiFamily26,400 SF
Financed 01/12/2021
the dealdetailscomps
Property Image
FINANCED

Radson Development Acquires 160-Unit Multifamily In East New York For $65.7M

573 Emerald Street, East New York, Brooklyn, NY, USA

See Similar Deals
MultiFamily26,400 SF
Financed 01/12/2021
the dealdetailscomps

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$2,490
Total Square Footage:26,400 SF
Transaction Type:Loan

573 Emerald Street, also known as Linden Blvd. (Phase 2), located in East New York, was recently involved in a closed transaction. This multifamily property consists of 160 units, making it a significant asset in the market.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $65,740,483
  • Lender: New York City Housing Development Corporation
  • Landlord: Radson Development - Daniel Rad

The New York City Housing Development Corporation provided a loan amount of $65,740,483 for the transaction. The landlord in this deal is Radson Development, represented by Daniel Rad.

Details

FINANCED
IMAGE: Daniel Rad DATE: 01/12/2021 ADDRESS: 573 Emerald Street AKA Linden Blvd. (Phase 2) MARKET: East New York ASSET TYPE: Multifamily ~ UNITS: 160 LENDER: New York City Housing Development Corporation LANDLORD: Radson Development - Daniel Rad LOAN AMOUNT: $65,740,483

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$65,740,483.00

Monthly NOI$438,269.89
Monthly Debt Service$415,524.57
Change in Cash Flow$0.00
Refinance Proceeds$0.00