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982 Fulton Street

Updated Dec 4, 2024

KD Sagamore & Sheldon Stein Secure $46M Bridge Loan For Clinton Hill Multifamily
FINANCEDMultiFamily

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

SCALE Lending
SCALE LendingLender

Brooklyn 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

0.34%

Cash-on-Cash

-0.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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