Ponce Bank Provides $30M Construction Loan For Multifamily Property In Brooklyn Heights
88 Schermerhorn St Brooklyn, NY 11201, USA
$30,000,000
$666/SF
Building Size
45,045 SF
Asset Type
MultiFamily
Closing
May 23, 2023
AI
The property asset involved in this transaction is a multifamily building located at 88 Schermerhorn Street in the Brooklyn Heights / Downtown Brooklyn market. The asset encompasses a total square footage of 45,045 and is associated with a construction loan amounting to $30,000,000, with loan terms set for 30 months.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $30,000,000
- Loan Type: Construction
- Loan Terms: 30 months
- Lender: Ponce Bank
- Landlord: Mark Jankovits & Eli Seidenfeld
- Address: 88 Schermerhorn Street
- Market: Brooklyn Heights / Downtown Brooklyn
- Asset Size: 45,045 SF
- Brokers: Elya Kahn & Abe Greenhut - GreenRock Funding LLC
- Landlord Attorney: Daniel Kugel
Key individuals involved in the deal include Mark Jankovits and Eli Seidenfeld, who are the landlords. The transaction is additionally represented by Elya Kahn and Abe Greenhut from GreenRock Funding LLC, while the legal representation is provided by attorney Daniel Kugel.
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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93