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3514 Surf Ave, Brooklyn, NY...

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

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

$130,000,000

$431/SF

Building Size

301,409 SF

Asset Type

Development Site

Closing

Jun 17, 2018

AI

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

Bank of America
Bank of AmericaLender

John Catsimatidis

Red Apple Group

Landlord

$447.8M

vol

7 deals

Landlord

New York Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.12%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93