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Riverside Developers USA Secures $47 Million Construction Loan From OakNorth Bank For Bedford Stuyvesant Properties

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FINANCED
$47,000,000

New York

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Development Site
Financed 06/30/2025
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Property Image
FINANCED

Riverside Developers USA Secures $47 Million Construction Loan From OakNorth Bank For Bedford Stuyvesant Properties

28 Skillman Street, 41 Franklin Avenue & 32 Skillman Street

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Development Site
Financed 06/30/2025
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

The asset involved in the transaction is a development site located at 28 Skillman Street, 41 Franklin Avenue, and 32 Skillman Street in the Bedford Stuyvesant market of Brooklyn. Riverside Developers USA secured a construction loan of $47 million from OakNorth Bank for these three properties, replacing a prior loan of $9.1 million that was also from OakNorth Bank.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $47,000,000
  • Lender: OakNorth Bank
  • Landlord: Riverside Developers USA
  • Original Loan Amount: $9,100,000
  • Loan Date: 06/30/2025

The key individuals in this transaction include Riverside Developers USA, the landlord who is responsible for the development, and OakNorth Bank, the lender facilitating the construction loan for the project. The deal marks a significant financial step for Riverside Developers as they expand their portfolio in Brooklyn.

Players

OakNorth Bank
OakNorth Bank
LENDER

Details

FINANCED
IMAGE: 06/30/2025 ADDRESS: 28 Skillman Street, 41 Franklin Avenue & 32 Skillman Street MARKET: Bedford Stuyvesant, Brooklyn ASSET TYPE: Development Site LENDER: OakNorth Bank LANDLORD: Riverside Developers USA LOAN AMOUNT: $47,000,000 NOTE: Riverside Developers USA secured a $47 million construction loan from OakNorth Bank for three Bedford-Stuyvesant properties, replacing a prior $9.1 million loan from the same lender.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$47,000,000.00

Monthly NOI$313,333.33
Monthly Debt Service$297,071.97
Change in Cash Flow$0.00
Refinance Proceeds$0.00