Construction Loan Secured For Sunset Park Mixed-Use Development At 737 4th Avenue
FINANCED
$121,000,000
New York
See Similar DealsMultiFamily
Financed 03/12/2024
FINANCED
Construction Loan Secured For Sunset Park Mixed-Use Development At 737 4th Avenue
737 4th Avenue
See Similar DealsMultiFamily
Financed 03/12/2024
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
The mixed-use property located at 737 4th Avenue in Sunset Park, Brooklyn, was involved in a recent transaction. The property consists of 187 units and was the subject of a construction loan.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $121,000,000
- Address: 737 4th Avenue
- Market: Sunset Park, Brooklyn
- Lender: Canyon, JP Morgan & Tribeca Investment Group
- Landlord: Lee Brodsky - BEB Capital, Scott Shnay - SK Development, Vivian Liao - Totem, Ofer Cohen
- Brokers: Aaron Appel - Walker & Dunlop
The key individuals involved in this deal include Lee Brodsky of BEB Capital, Scott Shnay of SK Development, Vivian Liao of Totem, and Ofer Cohen. The lenders for this transaction were Canyon, JP Morgan, and Tribeca Investment Group. Aaron Appel from Walker & Dunlop represented the parties involved in securing the construction loan.
Players
LENDER
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$121,000,000.00
Monthly NOI$806,666.67
Monthly Debt Service$764,802.31
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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