First Republic Bank Provides $95M Condo Inventory Loan To RAL Development For @QuayTowerBK In Brooklyn
Quay Tower, Bridge Park Drive, Brooklyn, NY, USA
$95,000,000
$561/SF
Building Size
169,245 SF
Asset Type
—
Closing
Aug 18, 2021
About this deal
AI
RAL Development has secured a condo inventory loan worth $95,000,000 from First Republic Bank for the @QuayTowerBK residential condo in Brooklyn. The loan was closed on 08/18/2021, and Vincent Cangelosi, Robert A. Levine, and Spencer Levine are featured in the accompanying image.
Summary of transaction details
- Property Type: Residential Condo
- Transaction Amount: $95,000,000
- Lender: First Republic Bank
- Borrower: RAL Development
- Address: @QuayTowerBK
- Market: Brooklyn
RAL Development, led by Vincent Cangelosi, Robert A. Levine, and Spencer Levine, obtained a condo inventory loan from First Republic Bank for the @QuayTowerBK residential condo in Brooklyn.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93