Quinlan Development And Lonicera Partners Secure $52M Mortgage For 58-Unit Rental Project In Brooklyn Heights
153 Remsen St, Brooklyn, NY 11201, USA
$52,000,000
$12,381/SF
Building Size
4,200 SF
Asset Type
Other
Closing
Apr 30, 2018
About this deal
AI
The 58-unit rental project located at 153-157 Remsen Street in Brooklyn Heights, NY has recently undergone a mortgage transaction. The loan amount for this project is $52 million.
Summary of transaction details:
- Property Type: 58-unit Rental Project
- Transaction Amount: $52 million
- Borrower/Developer: Quinlan Development – Tim Quinlan & Lonicera Partners
- Lender: USAA Life Insurance Company – Stuart Parker
Quinlan Development, led by Tim Quinlan, partnered with Lonicera Partners as the developer of this rental project. Stuart Parker from USAA Life Insurance Company served as the lender in this mortgage transaction.
NOTE: Quinlan received approval from the Department of Buildings in 2014 for this project's development.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93