Updated Oct 29, 2024
Madison Realty Capital Provides $53M Construction Loan For Heritage Equity Multifamily In Sunset Park
875 4th Avenue, Greenwood Heights, Brooklyn, NY, USA
$53,000,000
$2,116/SF
Building Size
25,042 SF
Asset Type
MultiFamily
Closing
Jan 13, 2021
About this deal
AI
The construction loan for a multifamily property in Sunset Park has been secured by 875 4th Avenue. The loan amount of $53,000,000 will be provided by Madison Realty Capital, represented by Josh Zegen. The landlord, Heritage Equity Partners, led by Toby Moskovits and Michael Lichtenstein, will oversee the project. Elliot Kunstlinger from Meridian Capital Group acted as the broker in this transaction. The property comprises of 150 units and is located at 875 4th Avenue in Sunset Park.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $53,000,000
- Address: 875 4th Avenue
- Market: Sunset Park
Toby Moskovits and Michael Lichtenstein of Heritage Equity Partners are the key individuals in this deal. Madison Realty Capital's Josh Zegen represents the lender in the transaction. Elliot Kunstlinger from Meridian Capital Group served as the broker.
On the Map
$53,000,000
$2,116/SF
MultiFamily
View full map
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Elliott Kunstlinger to view all their deals.
Browse New York multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93