Gotham Organization, Christian Cultural Center & Monadnock Development Secure $217.4M Construction Loan

The development site located at 30 Inspiration Lane in East New York, Brooklyn, was involved in a recent transaction where a new construction loan worth $217.4 million was secured. The loan was obtained from the NYS Housing Finance Agency and the NYC Department of Housing Preservation and Development for the development of a 386-unit property as part of the larger 2,100-unit Urban Village plan.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $217,400,000
• Units: 386
• Lender: NYS Housing Finance Agency & NYC Department of Housing Preservation & Development - Patrick Love
• Landlord: David L. Picket & Joel I. Picket - Gotham Organization, Christian Cultural Center & Monadnock Development
• Market: East New York, Brooklyn

The entities involved in the transaction included David L. Picket, Joel I. Picket, Gotham Organization, Christian Cultural Center, and Monadnock Development. Patrick Love served as the representative for the lenders, the NYS Housing Finance Agency and the NYC Department of Housing Preservation and Development, facilitating the construction loan for the development project at 30 Inspiration Lane.