Bank OZK Provides $176M Construction Loan For Development Site At 420 Carroll Street, Gowanus
FINANCED
$176,000,000
New York
See Similar DealsDevelopment Site39,153 SF
Financed 07/12/2022
FINANCED
Bank OZK Provides $176M Construction Loan For Development Site At 420 Carroll Street, Gowanus
420 Carroll Street, Brooklyn, New York 11215, United States
See Similar DealsDevelopment Site39,153 SF
Financed 07/12/2022
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$4,495
Total Square Footage:39,153 SF
Transaction Type:Loan
The development site located at 420 Carroll Street in Gowanus has been involved in a closed transaction. The property, with a buildable square footage (BSF) of 39,153, was part of a construction loan deal.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $176,000,000
- Lender: Bank OZK
- Landlord: Domain Companies & VOREA Group
The key individuals and companies involved in this deal are Chris Papamichael, Matthew Schwartz, Peter Papamichael, and Stephen Ohnemus. They are represented by their broker, Bank OZK. The loan was provided by Bank OZK to support the construction of the development site.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$176,000,000.00
Monthly NOI$1,173,333.33
Monthly Debt Service$1,112,439.72
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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