David L. Picket, Kirk Goodrich And Christian Cultural Center Secure $315M Loan For East New York Development

The asset involved in this transaction is a development site located at 12020 Flatlands Avenue in Brooklyn. A construction loan of $315,000,000 has been secured for future development, specifically aimed at creating residential and community facilities on the site.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $315,000,000
• Lender: NYC Housing Development Corporation; NYC Department of Housing Preservation & Development
• Landlord: David L. Picket - Gotham Organization; Kirk Goodrich - Monadnock Development; Christian Cultural Center
• Loan Type: Construction

This transaction involves key players such as Gotham Organization and Monadnock Development, who, along with Christian Cultural Center, are focused on delivering Phase 2 of the Innovative Urban Village project in East New York. The development will result in the addition of 453 affordable housing units and designated community space.