Avdoo & Partners Development Secures $105M Construction Loan For Boerum Hill Condo
323 Bergen Street
$105,000,000
$432/SF
Building Size
243,000 SF
Asset Type
Condo
Closing
Dec 26, 2023
AI
Manhattan developer Avdoo & Partners Development has secured a $105 million senior construction loan from Valley National Bank for its 243,000-square-foot condominium project located at 323 Bergen Street in Brooklyn's Boerum Hill neighborhood.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $105,000,000
- Address: 323 Bergen Street
- Market: Boerum Hill, Brooklyn
- Landlord: Shlomi Avdoo - Avdoo & Partners Development
This loan will be used for the construction of the condo project developed by Avdoo & Partners Development. The project is situated in the vibrant Boerum Hill neighborhood of Brooklyn. Valley National Bank has provided the financial support needed to bring this 243,000-square-foot development to completion.
Players
Brooklyn Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93