STUYVESANT HEIGHTS, BROOKLYN
The sponsor was looking to purchase this building vacant with the acquisition loan. Then the sponsor plans to gut-renovate the building, deregulate it through substantial rehabilitation with a construction loan, and refinance with a lender to take out the construction loan.
The transaction will be structured in an acquisition loan and a construction loan in shared first position. The acquisition loan of $1,580,000 to fund 80% of the purchase price. The construction loan of $1,000,000 for up to 100% of the approved hard costs for rehab, plus up to 15% of the total hard cost budget for soft costs.
The transaction will be structured in an acquisition loan and a construction loan in shared first position. The acquisition loan of $1,580,000 to fund 80% of the purchase price. The construction loan of $1,000,000 for up to 100% of the approved hard costs for rehab, plus up to 15% of the total hard cost budget for soft costs.
The borrower has completed numerous projects of this size within the immediate area of the Halsey Street property. Successfully substantially renovating numerous buildings furthermore giving him the ability convert units to free market.
Closing Date December 2021
Loan Type Value-Add Bridge
Loan Amount $2,580,000
Term 24 Months +One 6 Month Extension Option
Location Brooklyn, NY
Property Type Multi-Family
SITE SIZE 4,850 sq ft
LENDING PROGRAMS
JLJ Capital provides alternative financing solutions for bridge-lending, acquisitions, ground-up construction, short-term refinancing, mezzanine loans, mortgage takeout, partner buyout, preferred equity opportunities, residential fix and flip, and other real estate projects.
