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New York City Housing Development Corporation Provides $178.3M Loan For Cypress Hills Development Site

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FINANCED
$178,299,057

New York

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Development Site398,352 SF
Financed 06/25/2021
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Property Image
FINANCED

New York City Housing Development Corporation Provides $178.3M Loan For Cypress Hills Development Site

3301 Atlantic Avenue, Cypress Hills, Brooklyn, NY, USA

See Similar Deals
Development Site398,352 SF
Financed 06/25/2021
the dealdetailscomps

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$447
Total Square Footage:398,352 SF
Transaction Type:Loan

The development site located at 3301 Atlantic Avenue in Cypress Hills has undergone a recent closed transaction. The loan for this property was provided by New York City Housing Development Corporation, with a loan amount of $178,299,057. The landlord of the site is Phipps Houses. The property encompasses a total square footage (BSF) of 398,352 and consists of 403 units.

Summary of transation details

  • Property Type: Development Site
  • Transaction Amount: $178,299,057
  • Address: 3301 Atlantic Avenue
  • Market: Cypress Hills
  • Lender: New York City Housing Development Corporation
  • Landlord: Phipps Houses
  • BSF: 398,352
  • Units: 403

The loan for this transaction was provided by New York City Housing Development Corporation, a key player in the deal. Phipps Houses acted as the landlord in this transaction. The development site at 3301 Atlantic Avenue in Cypress Hills offers a significant opportunity for future development, featuring ample square footage and 403 units.

Details

FINANCED
IMAGE: Eric Enderlin & Adam Weinstein DATE: 6/25/2021 ADDRESS: 3301 Atlantic Avenue MARKET: Cypress Hills ASSET TYPE: Development Site LENDER: New York City Housing Development Corporation LANDLORD: Phipps Houses LOAN AMOUNT: $178,299,057 BSF: 398,352 UNITS: 403

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$178,299,057.00

Monthly NOI$1,188,660.38
Monthly Debt Service$1,126,971.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00