Updated Mar 11, 2025
Derby Copeland Capital Provides $5M Acquisition & Renovation Loan For Multifamily Building In Brooklyn Heights
84 State Street, Brooklyn, New York 11201, United States
$5,000,000
$786/SF
Building Size
6,360 SF
Asset Type
MultiFamily
Closing
Jun 27, 2022
About this deal
AI
Derby Copeland Capital closed a first-priority mortgage loan for the acquisition and renovation of a multifamily building located at 84 State Street in Brooklyn Heights. The loan amount of $5,000,000 will cover the borrower's full gut renovation of the 6,250 square foot property.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,000,000
- Address: 84 State St.
- Market: Brooklyn Heights
- Lender: Derby Copeland Capital
- Brokers: Matt Albano & Brad Fishbein - GCP Capital
Derby Copeland Capital, a New York City-based private equity firm specializing in real estate-related debt financing and equity investments, financed the acquisition loan and will also provide financing for the renovation. The firm encourages loan, preferred equity, and equity opportunities to be sent to [email protected].
On the Map
$5,000,000
$786/SF
MultiFamily
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93