Bank Of America Provides $52.7M Construction Loan For East New York Development Site
437 Euclid Avenue, Brooklyn, New York 11208, United States
$52,700,000
Building Size
—
Asset Type
Development Site
Closing
Jul 14, 2022
AI
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.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93