Bank Of America Provides $52.7M Construction Loan For East New York Development Site
FINANCED
$52,700,000
New York
See Similar DealsDevelopment Site
Financed 07/15/2022
FINANCED
Bank Of America Provides $52.7M Construction Loan For East New York Development Site
437 Euclid Avenue, Brooklyn, New York 11208, United States
See Similar DealsDevelopment Site
Financed 07/15/2022
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$52,700,000.00
Monthly NOI$351,333.33
Monthly Debt Service$333,099.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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