S3 Capital Partners Provides $8.5M Acquisition Loan For Development Site In Williamsburg, Brooklyn
88 North 1st Street, Brooklyn, New York 11249, United States
$8,500,000
$812/SF
Building Size
10,460 SF
Asset Type
Office
Closing
Apr 6, 2022
About this deal
AI
An $8,500,000 acquisition loan has been secured for a development site located at 88 N. 1st St. in Williamsburg, Brooklyn. The property is a development site with a buildable square footage (BSF) of 32,835. The loan was provided by S3 Capital Partners, represented by Robert Schwartz and Shawn Safdie.
Summary of Transaction Details
- Property Type: Development Site
- Transaction Amount: $8,500,000
- Address: 88 N. 1st St.
- Market: Williamsburg, Brooklyn
- BSF: 32,835
- Lender: S3 Capital Partners - Robert Schwartz & Shawn Safdie
- Loan Type: Acquisition
Robert Schwartz and Shawn Safdie, representing S3 Capital Partners, played a key role in facilitating the loan for the acquisition of the development site at 88 N. 1st St. in Williamsburg, Brooklyn.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93