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Red Apple Group's Surf Avenue Mixed-Use Development Site Refinanced For $130M With Loan From Bank Of America's Brian Moynihan

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FINANCED
$130,000,000

New York

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Development Site301,409 SF
Financed 06/18/2018
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FINANCED

Red Apple Group's Surf Avenue Mixed-Use Development Site Refinanced For $130M With Loan From Bank Of America's Brian Moynihan

3514 Surf Ave, Brooklyn, NY 11224, USA

See Similar Deals
Development Site301,409 SF
Financed 06/18/2018
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$431
Total Square Footage:301,409 SF
Transaction Type:Loan

The development site located at 3514 Surf Avenue in Brooklyn, New York has been refinanced for $130,000,000. The property, which is a mixed-use development site, was involved in the transaction. The deal involved Red Apple Group, represented by John Catsimatidis Jr., John Catsimatidis, and Andrea Catsimatidis, as the landlord. The lender for the transaction was Bank of America, with Brian Moynihan as the representative.

Summary of transaction details

  • Property Type: Development Site Mixed-Use
  • Transaction Amount: $130,000,000
  • Address: 3514 Surf Avenue, Brooklyn, New York
  • Landlord: Red Apple Group – John Catsimatidis Jr., John Catsimatidis, and Andrea Catsimatidis
  • Lender: Bank of America – Brian Moynihan

The key individuals involved in the transaction were John Catsimatidis Jr., John Catsimatidis, Andrea Catsimatidis, and Brian Moynihan. Red Apple Group, represented by the Catsimatidis family, acted as the landlord in the deal. Bank of America, represented by Brian Moynihan, served as the lender for the refinancing.

Players

LENDER

John Catsimatidis
6 deals$364.3M volume
LANDLORD

Details

FINANCED
IMAGE: Brian Moynihan, John Catsimatidis Jr. (@JohnCatsJR), John Catsimatidis and Andrea Catsimatidis (@a.j._cats) DATE: 06/18/2018 REFINANCE: ADDRESS: 3514 Surf Avenue CITY: NewYork MARKET: Brooklyn ASSET TYPE: DevelopmentSite MixedUse PRICE: $130,000,000 LANDLORD: Red Apple Group – John Catsimatidis Jr., John Catsimatidis and Andrea Catsimatidis LENDER: @BankOfAmerica – Brian Moynihan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$130,000,000.00

Monthly NOI$866,666.67
Monthly Debt Service$821,688.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00