Patch Of Land Lending Provides $1.6M Acquisition And Rehab Loan For Prospect Heights Multifamily | 275 Prospect Place | Patch of Land Lending | MultiFamily | Loan

Summary

Loan

NEW YORK

MultiFamily

3,004 sqft

A multifamily property located at 275 Prospect Place in Prospect Heights, Brooklyn has recently been involved in a closed transaction. The property, situated in a vibrant market, offers potential for investment opportunities.

Summary of transaction details

Property Type: Multifamily
Address: 275 Prospect Place, Prospect Heights, Brooklyn
Market: Prospect Heights, Brooklyn
Loan Amount: $1,615,000
Lender: Patch of Land Lending
Landlord: Adam Rac

The financing for the acquisition and rehabilitation of the multifamily property was provided by Patch of Land Lending. The loan amount of $1,615,000 represents 85% loan-to-cost (LTC) ratio and offers a loan term of 18 months. The loan terms include interest-only payments and there is no prepayment penalty.

Players

All
1

Lenders
1

Patch of Land Lending

Details

Deal Summary

FINANCED

IMAGE: Tameer Orevi DATE: 04/28/2021 ADDRESS: 275 Prospect Place MARKET: Prospect Heights, Brooklyn ASSET TYPE: Multifamily LENDER: Patch of Land Lending - @TameerOrevi LANDLORD: Adam Rac LOAN AMOUNT: $1,615,000 LOAN TERMS: Acquisition & Rehab Financing at 85% LTC, 18 Month Loan Term, Interest Only, No Prepayment Penalty

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Address275 Prospect Place

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