Updated Dec 4, 2024
KD Sagamore & Sheldon Stein Secure $46M Bridge Loan For Clinton Hill Multifamily
982 Fulton Street & 988 Fulton Street
$46,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jan 4, 2024
About this deal
AI
KD Sagamore and Ranger Properties have secured a $46 million bridge loan from Slate Property Group's lending arm, SCALE Lending, for Arris Grand, a recently completed multifamily development in Brooklyn's Clinton Hill neighborhood. The property is located at 982-988 Fulton Street and is part of the thriving market in Clinton Hill, Brooklyn.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $46,000,000
- Lender: SCALE Lending
- Landlord: KD Sagamore & Sheldon Stein - Ranger Properties
- Date: 01/04/2024
- Market: Clinton Hill, Brooklyn
The bridge loan was provided by SCALE Lending, a lending arm of Slate Property Group, to KD Sagamore and Ranger Properties for the recently completed multifamily development, Arris Grand. Sheldon Stein, from Ranger Properties, was involved in the transaction representing the landlord's interests.
Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93