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Institute For Community Living Secures $62.9M Construction Loan For 161 Emerson Place In Clinton Hill
FINANCED
$62,900,000
New York
See Similar DealsSpecial Purpose
Financed 06/26/2025
FINANCED
Institute For Community Living Secures $62.9M Construction Loan For 161 Emerson Place In Clinton Hill
161 Emerson Place
See Similar DealsSpecial Purpose
Financed 06/26/2025
Summary
NEW YORK
Asset Type:Special Purpose
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$62,900,000.00
Monthly NOI$419,333.33
Monthly Debt Service$397,570.79
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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