Updated Sep 11, 2026
FINANCEDDevelopment Site
Wells Fargo, M&T, And BankUnited Provide $287M Construction Loan For 456-Unit Multifamily In New York City
1057 Atlantic Ave Brooklyn, NY 11238, USA
$287,000,000
$6,239/SF
Building Size
46,000 SF
Asset Type
Development Site
Closing
May 26, 2023
About this deal
AI
The property asset involved in this transaction is a multifamily building located at 1057 Atlantic Avenue in New York City. The asset encompasses a total square footage of 474,000 and consists of 456 units. The total loan amount secured for this project is $287,000,000, classified as a construction loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $287,000,000
- Address: 1057 Atlantic Avenue
- Market: New York City
- Lender: Wells Fargo, M&T, BankUnited
- Landlord: Douglaston Development
- Brokers: Drew Fletcher, Bryan Grover & Paul Fried - Greystone
The loan amount includes a preferred equity investment from an affiliate of Ares. The transaction involves key brokers Drew Fletcher, Bryan Grover, and Paul Fried who are representing the landlord, Douglaston Development, in this deal.
On the Map
$287,000,000
$6,239/SF
Development Site
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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