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Bungalow Projects Secures $83.4 Million Construction Loan From Farallon Capital Management In Brooklyn
FINANCED
$83,400,000
New York
See Similar DealsDevelopment Site
Financed 09/22/2025
FINANCED
Bungalow Projects Secures $83.4 Million Construction Loan From Farallon Capital Management In Brooklyn
242 Seigel Street
See Similar DealsDevelopment Site
Financed 09/22/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
A construction loan of $83,400,000 has been secured for a development site located at 242 Seigel Street in East Williamsburg, Brooklyn. This site encompasses a total area of 181,747 square feet and is designated for a film and TV studio currently under development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $83,400,000
- Address: 242 Seigel Street
- Market: East Williamsburg, Brooklyn
- Lender: Farallon Capital Management
- Landlord: Bungalow Projects
- Loan Type: Construction
The transaction involves Bungalow Projects as the landlord, who is developing the site, with the financial backing provided by Farallon Capital Management in the form of a construction loan. This partnership reflects a commitment to advancing the film and TV studio project in the Brooklyn market.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$83,400,000.00
Monthly NOI$556,000.00
Monthly Debt Service$527,144.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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