Domain Companies And VOREA Group Secure $176M Construction Loan From Bank OZK For Development Site
NY
Units
360
Asset Type
—
Closing
Sep 15, 2022
About this deal
AI
The asset involved in this transaction is a development site located at 420 Carroll Street in the Gowanus market. The site has a building square footage (BSF) of 39,153. A construction loan amounting to $176,000,000 was secured for the property.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $176,000,000
- Lender: Bank OZK
- Landlord: Domain Companies & VOREA Group
The key individuals involved in this transaction include Chris Papamichael, Matthew Schwartz, Peter Papamichael, and Stephen Ohnemus. They represent the lending side, facilitating the construction loan for the development project in Gowanus.
On the Map
Players
Market CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93