Bank Of America Provides $52.7M Construction Loan For East New York Development Site

The development site located at 437 Euclid Avenue in East New York has been involved in a recent loan transaction. The property, with a building square footage (BSF) of 80,000, is owned by Mega Contracting Group & Lantern Organization. The loan, provided by Bank of America, was granted for a construction project.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $52,700,000
• Date: 07/15/2022
• Address: 437 Euclid Avenue
• Market: East New York
• BSF: 80,000
• Lender: Bank of America

The loan amount for this project is $52,700,000. Mega Contracting Group & Lantern Organization, the landlords of the property, secured this construction loan from Bank of America. This transaction marks an important step in the development of 437 Euclid Avenue in East New York.