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Gilbane Inc Secures $199.2M Construction Loan From NYC Housing Development Corporation For Brooklyn Project

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FINANCED
$199,200,000

New York

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Development Site
Financed 06/25/2025
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Property Image
FINANCED

Gilbane Inc Secures $199.2M Construction Loan From NYC Housing Development Corporation For Brooklyn Project

366 Rockaway Avenue

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Development Site
Financed 06/25/2025
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

The asset involved in this transaction is a development site located at 366 Rockaway Avenue, Brownsville, Brooklyn. The property is set to be developed into a 283-unit residential project, reflecting its significant contribution to the local housing market. The construction loan secured for this project amounts to $199,200,000.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $199,200,000
  • Lender: Eric Enderlin - NYC Housing Development Corporation
  • Landlord: Edward T. Broderick - Gilbane Inc

This transaction highlights the engagement of key players such as Eric Enderlin, representing the NYC Housing Development Corporation, who provided the financing, and Edward T. Broderick, representing Gilbane Inc., who secured the loan through the Artspace Brownsville Housing Development Fund.

Players

NYC Housing Development Corporation
NYC Housing Development Corporation
LENDER
NYC Housing Development Corporation
NYC Housing Development Corporation
LENDER

Details

FINANCED
IMAGE: Eric Enderlin & Edward T. Broderick DATE: 06/25/2025 ADDRESS: 366 Rockaway Avenue MARKET: Brownsville, Brooklyn ASSET TYPE: Development Site LENDER: Eric Enderlin - NYC Housing Development Corporation LANDLORD: Edward T. Broderick - Gilbane Inc LOAN AMOUNT: $199,200,000 LOAN TYPE: Construction NOTE: Gilbane Inc., through Artspace Brownsville Housing Development Fund, secured a $199.2M construction loan from NYC Housing Development Corporation for a 283-unit residential project at 366 Rockaway Avenue in Brownsville, Brooklyn.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$199,200,000.00

Monthly NOI$1,328,000.00
Monthly Debt Service$1,259,079.50
Change in Cash Flow$0.00
Refinance Proceeds$0.00