Prospect Lefferts Gardens - JLJ CAPITAL

PROSPECT LEFFERTS GARDENS

LOAN AMOUNT

$7,400,000

Lending Programs - Retail
BROOKLYN, NY

Lending Solutions - Bride Lending
BRIDGE LENDING
Lending Programs - Multi-Family
MULTI-FAMILY

THE PROJECT

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.

BORROWER CREDENTIAL

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.

TRANSACTION KEY TERMS

Closing Date January 2018

Loan Type Refinance

Loan Amount $7,400,000

Term 12 Months

Location Brooklyn, NY

Property Type Vacant Land for Multi-Family Development

Gross Square Footage 11,375 sq ft

EXPLORE JLJ CAPITAL BRIDGE LENDING TRANSACTIONS

WESTWOOD

WESTWOOD

$2.2 MM

NORTH  WILLIAMSBURG

NORTH WILLIAMSBURG

$38.0 MM

EDGEWATER

EDGEWATER

$16.5 MM

BEXAR COUNTY

BEXAR COUNTY

$3.0 MM

RARITAN

RARITAN

$9.8 MM

PROSPECT LEFFERTS GARDEN

PROSPECT LEFFERTS GARDEN

$7.4 MM

RIVERSIDE

RIVERSIDE

$4.1 MM

FAIR LAWN

FAIR LAWN

$5.6 MM

WESTVILLE & CLEMENTON

WESTVILLE & CLEMENTON

$8.0 MM

EAST  WILLIAMSBURG

EAST WILLIAMSBURG

$7.5 MM

EXPLORE JLJ CAPITAL'S LENDING PROGRAMS

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