Updated Oct 12, 2026
TD Bank Provides $254 Million Construction Loan For Brownsville Arts Center & Apartments In Brooklyn
366 Rockaway Avenue
$254,000,000
Building Size
—
Asset Type
Development Site
Closing
Jul 11, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 366 Rockaway Avenue in Brooklyn. This property has secured a loan amount of $254,000,000 for construction purposes. The site is designated for the development of the Brownsville Arts Center & Apartments, which will provide affordable housing and a cultural hub for the community.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $254,000,000
- Lender: TD Bank
- Landlord: James Patchett - Gilbane Development, Blue Sea Development, Artspace Projects
The deal is significant as it involves collaboration among Gilbane Development, Blue Sea Development, Artspace Projects, and NYC officials. The project aims to deliver 283 affordable units by late 2027, highlighting the commitment to providing housing and cultural resources in the area.
On the Map
$254,000,000
Development Site
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Rockaway Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93