Updated Oct 29, 2024
Urban View Development Group Secures $16.9M Rehab Construction Loan For Specialty Building In Clinton Hill, Brooklyn
81-87 Irving Place Brooklyn, New York 11238, USA
$16,900,000
$637/SF
Building Size
26,500 SF
Asset Type
Special Purpose
Closing
Jun 13, 2023
About this deal
AI
Urban View Development Group has secured a $16.9 million rehab construction loan from Popular Bank for the specialty building at 81-87 Irving Place in Clinton Hill, Brooklyn. The property is located in the Clinton Hill neighborhood of Brooklyn and is designated as a specialty building. It has a total building size of 26,500 square feet and a buildable square footage of 32,000. The transaction took place on June 13, 2023.
Summary of Transaction Details
- Property Type: Specialty
- Transaction Amount: $16,900,000
- Address: 81-87 Irving Place, Clinton Hill, Brooklyn
- Market: Clinton Hill, Brooklyn
- Loan Type: Construction
Urban View Development Group, led by Nadav Hamo, secured the $16.9 million rehab construction loan from Popular Bank. Sana S. Khaliq from Popular Bank represented the lender in this transaction.
On the Map
$16,900,000
$637/SF
Special Purpose
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93