Updated Oct 29, 2024
Lonicera Partners Secures $70M Construction Loan For Development Site In Downtown Brooklyn
308 Livingston St, Brooklyn, NY 11217, USA
$70,000,000
$463/SF
Building Size
151,000 SF
Asset Type
Development Site
Closing
Jun 2, 2019
About this deal
AI
A development site located at 308 Livingston Street in Downtown Brooklyn has secured a $70,000,000 construction loan from Santander Bank US and City National Bank. The loan was facilitated by brokers Jonathan Schwartz and Keith Kurland from JLL NY Capital Markets. The site spans 151,000 square feet and is owned by Lonicera Partners. The planned development is a 23-story boutique mixed-use building.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $70,000,000
- Address: 308 Livingston Street, Downtown Brooklyn
- Market: Downtown Brooklyn
The loan, provided by Santander Bank US and City National Bank, will be used for the construction of a 23-story boutique mixed-use building on the development site at 308 Livingston Street in Downtown Brooklyn. The building, owned by Lonicera Partners, will feature residential units and is set to be a prominent addition to the area.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Visit Keith Kurland to view all their deals.
Browse New York development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93