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Equitas Capital Group Secures $4.25M Loan For Development Site In Kensington, Brooklyn

485 East 28th Street
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This Development Site property located in NY received a loan of $4,250,000 about 3 years ago. The broker of the deal was Alex Leykind

A development site located at 485 East 28th Street in Kensington, Brooklyn, recently closed in a transaction. The property spans approximately 22,000 square feet and is classified as a development site.

Summary of Transaction Details:

  • Property Type: Development Site
  • Transaction Amount: $4,250,000
  • Loan Terms: Rate: 5% LTV/ LTC: 70% Term: 18 months with 6-month extension Option Amortization: Interest Only Prepayment Penalty: None

The loan of $4,250,000 was obtained for the development site. The loan terms include a 5% interest rate and a loan-to-value (LTV) or loan-to-cost (LTC) ratio of 70%. The loan has a term of 18 months, with an option to extend it by an additional 6 months. The amortization is interest-only, and there is no prepayment penalty. Notably, the loan structure allows for automatic conversion to a permanent loan once the property reaches stabilization.

Equitas Capital Group, represented by broker Alex Leykind, facilitated the loan transaction for the development site located at 485 East 28th Street. Equitas Capital Group is known for its commitment to delivering high-quality service and conducting business with integrity and creativity. They advocate on behalf of their clients and lenders, displaying an unparalleled commitment to excellence in the industry.

For any commercial financing needs, individuals can connect with Equitas Capital Group at any time by calling 646-637-7510.

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Deals
  • Location
    485 East 28th Street, Brooklyn, NY, USA485 East 28th Street, Brooklyn, NY, USA
  • Loan Value
    $4,250,000$4,250,000
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    1 Broker, 1 Agency1 Broker, 1 Agency

Agent

Alex Leykind

Alex Leykind

Deals70
Financed$411.4M

Agency

Equitas Capital Group

Equitas Capital Group

Agency
Deals103
Volume$648.1M

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Deal Summary

LOAN IMAGE: Alex Leykind DATE: 03/19/2021 ADDRESS: 485 East 28th Street MARKET: Kensington, Brooklyn ASSET TYPE: Development Site ~ BSF: 22,000 BROKER: Alex Leykind (@AlexLeykind1) - Equitas Capital Group @EquitasCapitalGroup LOAN AMOUNT: $4,250,000 LOAN TERMS: Rate: 5% LTV/ LTC: 70% Term: 18 months with 6 month extension Option Amortization: Interest Only PrePayment Penalty: None **Loan structure allowed the Developer to automatically convert to a permanent loan at property stabilization. NOTE FROM @EquitasCapitalGroup: At Equitas Capital Group we are committed to delivering the highest level of service, and conduct ourselves with integrity and creativity. We advocate on behalf of our clients and represented lenders with an unparalleled commitment to excellence in the industry for its integrity, creativity, and advocacy on behalf of its clients. Connect with us for any of your commercial financing needs at any time at 646-637-7510

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