Updated May 12, 2025
David L. Picket, Kirk Goodrich And Christian Cultural Center Secure $315M Loan For East New York Development
12020 Flatlands Avenue
$315,000,000
Building Size
—
Asset Type
Development Site
Closing
Apr 16, 2025
About this deal
AI
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.
On the Map
$315,000,000
Development Site
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Players
Brooklyn Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93