Updated Jul 23, 2025
Riverside Developers USA Secures $47 Million Construction Loan From OakNorth Bank For Bedford Stuyvesant Properties
28 Skillman Street, 41 Franklin Avenue & 32 Skillman Street
$47,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 30, 2025
About this deal
AI
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.
On the Map
$47,000,000
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
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93