Richard Sutton Of Parallel CRE Secures $32M Construction Loan For 130000 SF Office In Brooklyn
$32,000,000
$233/SF
Building Size
137,075 SF
Asset Type
Retail
Closing
Jul 6, 2025
AI
The asset involved in this transaction is an office space located in Brooklyn, comprising a total square footage of 130,000. The loan amount secured for this property is $32,000,000, classified as a construction loan with a term of 3 years.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $32,000,000
- Loan Type: Construction
- Loan Terms: 3 Years
- Market: Brooklyn
- Asset Size: 130,000 SF
- Broker: Richard Sutton - Parallel CRE
The key individual representing this transaction is Richard Sutton, who operates under Parallel CRE. The company utilizes extensive lender relationships and an innovative system to provide tailored real estate financing solutions for clients.
Players
Market Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93