Updated Jul 10, 2025
Institute For Community Living Secures $62.9M Construction Loan For 161 Emerson Place In Clinton Hill
161 Emerson Place
$62,900,000
Building Size
—
Asset Type
Special Purpose
Closing
Jun 26, 2025
About this deal
AI
The asset involved in this transaction is a special purpose property located at 161 Emerson Place in Clinton Hill, Brooklyn. The property is undergoing a renovation that is being financed through a construction loan.
Summary of transaction details:
- Property Type: Special Purpose
- Transaction Amount: $62,900,000
- Lender: NYS Housing Finance Agency & NYC HPD
- Landlord: Jody Rudin - Institute for Community Living
- Loan Type: Construction
This renovation project is secured by a loan obtained by the Institute for Community Living, represented by Jody Rudin. The loan agreement with the lenders aims to facilitate the improvements planned for the property at 161 Emerson Place.
On the Map
$62,900,000
Special Purpose
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Players
Brooklyn Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93