Updated Oct 28, 2024
Scale Lending Provides $86.7M Construction Loan For Williamsburg Multifamily Property
575 Grand Street willambu
$86,700,000
$510/SF
Building Size
170,000 SF
Asset Type
MultiFamily
Closing
Mar 27, 2022
About this deal
AI
Located at 575 Grand St. in the vibrant Williamsburg market, a multifamily property with approximately 170,000 square feet has been involved in a recent closed transaction.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $86,700,000
- Loan Type: Construction
- Lender: Scale Lending
- Landlord: Goose Property Management
- Broker: Henry Bodek - Galaxy Capital
Scale Lending played a significant role in this transaction as the lender. Goose Property Management acted as the landlord in this deal. Providing brokerage services, Henry Bodek represented the interests of the involved parties through Galaxy Capital. The loan, amounting to $86,700,000, was specifically tailored for construction purposes.
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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93