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Jay Group Secures $53M Construction Loan From Ponce Bank For Development Site In Downtown Brooklyn
FINANCED
$53,000,000
New York
See Similar DealsDevelopment Site
Financed 06/05/2025
FINANCED
Jay Group Secures $53M Construction Loan From Ponce Bank For Development Site In Downtown Brooklyn
165 Willoughby Street
See Similar DealsDevelopment Site
Financed 06/05/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 165 Willoughby Street in Downtown Brooklyn, featuring a building size of 110,030 square feet. This site is part of a construction project aimed at creating 99 residential units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $53,000,000
- Address: 165 Willoughby Street
- Market: Downtown Brooklyn
- Lender: Ponce Bank
- Landlord: Jay Group
- Loan Type: Construction
The deal highlights the involvement of Jay Group as the landlord, who secured the construction loan from Ponce Bank to finance the project. This transaction marks a significant milestone in the ongoing development efforts within the Downtown Brooklyn area.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$53,000,000.00
Monthly NOI$353,333.33
Monthly Debt Service$334,996.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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