Updated Nov 3, 2025
Bungalow Projects Secures $83.4 Million Construction Loan From Farallon Capital Management In Brooklyn
242 Seigel Street
$83,400,000
Building Size
—
Asset Type
Development Site
Closing
Sep 22, 2025
About this deal
AI
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.
On the Map
$83,400,000
Development Site
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Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93