Bank OZK Provides $61M Loan For Alloy Development's Dumbo Condo Project
168 Plymouth St, Dumbo, Brooklyn, NY, USA
$61,000,000
$29,511/SF
Building Size
2,067 SF
Asset Type
—
Closing
Mar 6, 2019
About this deal
AI
A $61 million loan has been secured for a condominium in Dumbo, Brooklyn. The property is located at 168 Plymouth St. and consists of 46 units. Alloy Development, the landlord, has acquired the loan from Bank OZK.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $61 million
- Address: 168 Plymouth St.
- Market: Dumbo, Brooklyn
- Landlord: Alloy Development
- Loan Lender: Bank OZK
- BROKERS: Kristen Knapp, Peter Rotchford & Christopher Peck - HFF
- Units: 46
Kristen Knapp, Peter Rotchford, and Christopher Peck from HFF acted as brokers in the deal.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93