Updated May 12, 2025
Goose Property Management Secures $166M Construction Loan From Slate Property Group In Boerum Hill
264 Bergen Street, 282 Bergen Street, 290 Bergen Street, 265 Wyckoff Street & 290 Wyckoff Street
$166,000,000
Units
367
Asset Type
Development Site
Closing
Apr 25, 2025
About this deal
AI
The development site consists of four planned residential buildings totaling 367 units located at 264, 282 & 290 Bergen Street and 265 & 290 Wyckoff Street in the Boerum Hill market of Brooklyn. The site is associated with a construction loan amounting to $166,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $166,000,000
- Lender: Martin Nussbaum & David Schwartz - Slate Property Group
- Landlord: Yitzchok Katz - Goose Property Management
- Loan Type: Construction
This transaction was facilitated by Goose Property Management, which secured the construction loan to finance the development project. The lender, Slate Property Group, is represented by Martin Nussbaum and David Schwartz in this transaction.
On the Map
$166,000,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93