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Valley National Bank Provides $86M Acquisition Loan For Development Site On Bedford Ave. In Brooklyn

Property Image
FINANCED
$86,000,000
Pinchas Vogel
Leah Paskus
David Bistricer

New York

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Development Site1,100,000 SF
Financed 05/09/2022
the dealplayerscompscontact
Property Image
FINANCED

Valley National Bank Provides $86M Acquisition Loan For Development Site On Bedford Ave. In Brooklyn

2360 Bedford Avenue, Brooklyn, New York 11226, United States

See Similar Deals
Development Site1,100,000 SF
Financed 05/09/2022
Pinchas Vogel
Leah Paskus
David Bistricer
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$78
Total Square Footage:1,100,000 SF
Transaction Type:Loan

Located at 2360 Bedford Ave in Brooklyn, this development site is the focus of a recent closed transaction. The property, with a buildable square footage (BSF) of 1,100,000, has been acquired by an undisclosed buyer.

Summary of transaction details:

The acquisition was financed by a loan provided by Valley National Bank, with Jeff Puchin representing the lender. The loan amount totaled $86,000,000. The property's landlord, David Bistricer, facilitated the transaction. Leah Paskus and Pinchas Vogel, from Landstone Capital Group, acted as brokers in the deal.

Players

Leah Paskus
Landstone Capital Group
Leah Paskus
35 deals$3.6B volume
BROKER
Pinchas Vogel
Landstone Capital Group
Pinchas Vogel
28 deals$2.2B volume
BROKER
Valley National Bank
Valley National Bank
LENDER
David Bistricer
Clipper Equity
David Bistricer
23 deals$2.8B volume
LANDLORD

Details

FINANCED
IMAGE: Pinchas Vogel, David Bistricer & Jeff Puchin DATE: 05/09/2022 ADDRESS: 2360 Bedford Ave. MARKET: Brooklyn ASSET TYPE: Development Site ~ BSF: 1,100,000 LENDER: Valley National Bank (@ValleyNationalBank) - Jeff Puchin (@JeffPuchin) LANDLORD: David Bistricer BROKERS: Leah Paskus & Pinchas Vogel - Landstone Capital Group (@LandstoneCapital) LOAN AMOUNT: $86,000,000 LOAN TYPE: Acquisition

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$86,000,000.00

Monthly NOI$573,333.33
Monthly Debt Service$543,578.50
Change in Cash Flow$0.00
Refinance Proceeds$0.00