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Blue Sky Builders Secures $43 Million Construction Loan From Popular Bank For Gowanus Development Site

Property Image
FINANCED
$43,000,000

New York

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Development Site
Financed 01/28/2026
the dealdetailscomps
Property Image
FINANCED

Blue Sky Builders Secures $43 Million Construction Loan From Popular Bank For Gowanus Development Site

224 3rd Avenue

See Similar Deals
Development Site
Financed 01/28/2026
the dealdetailscomps

Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

Details

FINANCED
IMAGE: 01/28/2026 ADDRESS: 224 3rd Avenue MARKET: Gowanus, Brooklyn ASSET TYPE: Development Site ~ BSF: 47,148 LENDER: Popular Bank (@PopularBank) LANDLORD: Blue Sky Builders LOAN AMOUNT: $43,000,000 LOAN TYPE: Construction NOTE: Blue Sky Builders secured a $43 million construction loan from Popular Bank for an 82-unit residential project at 224 3rd Avenue in Gowanus, refinancing prior S3 Capital debt and closing in late January.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$43,000,000.00

Monthly NOI$286,666.67
Monthly Debt Service$271,789.25
Change in Cash Flow$0.00
Refinance Proceeds$0.00