Updated Sep 11, 2026
Cushman & Wakefield Secures $143M Construction Loan For Development Site On 5th Avenue Brooklyn
120 5th Avenue
$142,920,034
Building Size
—
Asset Type
Development Site
Closing
Oct 20, 2022
About this deal
AI
The development site at 120 5th Avenue in Brooklyn has secured a construction loan from Sumitomo Mitsui Trust Bank. The property, owned by Senlac Ridge Partners and William Macklowe Company, is a development site with a buildable square footage (BSF) of 194,736.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $142,920,034
- Lender: Sumitomo Mitsui Trust Bank
- Landlord: Senlac Ridge Partners & William Macklowe Company
The loan amount of $142,920,034 is provided by Sumitomo Mitsui Trust Bank for the construction of the development site at 120 5th Avenue in Brooklyn. The property is owned by Senlac Ridge Partners and William Macklowe Company. The transaction was facilitated by the brokers Dan O’Brien, Adam Spies, Gideon Gil, and Lauren Kaufman from Cushman & Wakefield.
On the Map
$142,920,034
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93