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Madison Realty Capital Provides $162.8M Construction Loan For Dumbo Development Site

Property Image
FINANCED
$162,800,000

New York

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Development Site52,171 SF
Financed 10/19/2020
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Property Image
FINANCED

Madison Realty Capital Provides $162.8M Construction Loan For Dumbo Development Site

30 Front St, Brooklyn, NY 11201, USA

See Similar Deals
Development Site52,171 SF
Financed 10/19/2020
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$3,120
Total Square Footage:52,171 SF
Transaction Type:Loan

30 Front Street in Dumbo has been the subject of a recent closed property transaction. The development site, owned by Fortis Property Group, attracted the attention of lenders for its potential. Madison Realty Capital provided a construction loan of $162,800,000 to support the development of this prime Dumbo location.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $162,800,000
  • Address: 30 Front Street
  • Market: Dumbo
  • Lender: Madison Realty Capital
  • Landlord: Fortis Property Group
  • Loan Type: Construction Loan

The deal was facilitated by Josh Zegen and Jonathan Landau, representatives from Madison Realty Capital. They worked closely with Fortis Property Group to secure the construction loan and ensure the smooth progress of the development project at 30 Front Street.

Players

Madison Realty Capital
Madison Realty Capital
LENDER
FG
Fortis Property Group
LANDLORD

Details

FINANCED
IMAGE: IMAGE: Josh Zegen & Jonathan Landau DATE: 10/19/2020 ADDRESS: 30 Front Street MARKET: Dumbo ASSET TYPE: Development Site LENDER: @MadisonRealtyCapital LANDLORD: Fortis Property Group LOAN AMOUNT: $162,800,000 LOAN TYPE: Construction Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$162,800,000.00

Monthly NOI$1,085,333.33
Monthly Debt Service$1,029,006.74
Change in Cash Flow$0.00
Refinance Proceeds$0.00