PROSPECT LEFFERTS GARDENS
LOAN AMOUNT
$7,400,000
BROOKLYN, NY
BRIDGE LENDING
MULTI-FAMILY
JLJ Capital has provided a $7,400,000 loan to refinance the purchase of two lots located in Brooklyn, NY, slated for demolition, followed by re-development with an 8-story, 60-unit condominium development. JLJ Capital then provided a $2,100,000 loan for the purchase of air rights of about 40,000 sq ft.
The property is in the Flatbush neighborhood of Brooklyn, which is highly residential within an easily accessibility to public transportation. At exit, JLJ loans will be taken out by construction financing. The total project cost is approximately $74 million including the construction hard and soft costs, refinancing the acquisition loan, interest reserves, and closing costs.
Single family office focused on acquiring properties with substantial upside and pursuing a value-add strategy. Has been a successful investor in Real Estate for over 30 years in both the US and European markets.
Has purchased over $500,000,000 in real estate and continues to expand and diversify its $650,000,000 owned and operated multi-family and retail portfolio.
