Jay Group Secures $60 Million Construction Loan For Development Site At 283 Flatbush Avenue

The property asset involved in this transaction is a development site located at 283 Flatbush Avenue, Brooklyn. The site encompasses a total of 107,826 BSF and has a loan amount of $60,000,000 for construction purposes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $60,000,000
• Address: 283 Flatbush Avenue
• Market: Brooklyn
• Asset Size: 107,826 BSF
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank; Shimon Eisikowicz, John Carella & Adam Ehrenreich - Cross River Bank
• Landlord: Jay Group
• Loan Type: Construction

Ponce Bank originated the deal and took the lead until closing, highlighting their role in facilitating the financing. Cross River Bank participated as a partner lender, contributing to the overall success of the financing arrangement presented in this transaction.