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Hope Street Capital Secures $69 Million Bridge Loan In Crown Heights Transaction

Property Image
FINANCED
$69,000,000
Aaron Appel
Jonathan Schwartz
+ 1

New York

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MultiFamily
Financed 06/21/2024
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Property Image
FINANCED

Hope Street Capital Secures $69 Million Bridge Loan In Crown Heights Transaction

959 Sterling Place

See Similar Deals
MultiFamily
Financed 06/21/2024
Aaron Appel
Jonathan Schwartz
+ 1
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan

The Mason Grey is a 158-unit multifamily building located at 959 Sterling Place in Crown Heights, Brooklyn. Jeffrey Gershon's Hope Street Capital secured a $69 million bridge loan from Invictus Real Estate Partners for the completion of the project, including 48 affordable units and amenities like a fitness center and co-working spaces.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $69,000,000
  • Units: 158
  • Address: 959 Sterling Place
  • Market: Crown Heights, Brooklyn
  • Lender: Invictus Real Estate Partners
  • Landlord: Jeffrey Gershon - Hope Street Capital
  • Brokers: Aaron Appel, Michael Diaz, Keith Adam & Jonathan Schwartz - Walker & Dunlop
  • Loan Type: Bridge
  • Loan Terms: 18-month construction loan with two six-month extension options

The transaction involved key individuals such as Aaron Appel, Michael Diaz, Keith Adam, and Jonathan Schwartz from Walker & Dunlop, who served as brokers in the deal facilitating the loan for the Mason Grey project.

Players

Aaron Appel
190 deals$31.9B volume
BROKER

Jonathan Schwartz
Walker & Dunlop
165 deals$26.9B volume
BROKER

Michael Diaz
Walker & Dunlop
37 deals$4.1B volume
BROKER


Invictus Real Estate Partners
LENDER

Details

FINANCED
IMAGE: Christopher Pardo, Aaron Appel & Michael Diaz DATE: 06/21/2024 ADDRESS: 959 Sterling Place MARKET: Crown Heights, Brooklyn ASSET TYPE: Multifamily ~ UNITS: 158 LENDER: - Invictus Real Estate Partners LANDLORD: Jeffrey Gershon - Hope Street Capital BROKERS: Aaron Appel, Michael Diaz, Keith Adam & Jonathan Schwartz - Walker & Dunlop (@WalkerDunlop) LOAN AMOUNT: $69,000,000 LOAN TYPE: Bridge LOAN TERMS: 18-month construction loan with two six-month extension options NOTE: Jeffrey Gershon’s Hope Street Capital secured a $69 million bridge loan from Invictus Real Estate Partners to complete the Mason Grey, a 158-unit multifamily building in Crown Heights, Brooklyn. The loan retires $60 million of existing debt and will facilitate the project's lease-up and completion, including 48 affordable units and amenities such as a fitness center and co-working spaces.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$69,000,000.00

Monthly NOI$460,000.00
Monthly Debt Service$436,126.94
Change in Cash Flow$0.00
Refinance Proceeds$0.00