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437 Euclid Avenue, Brooklyn...

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

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

Bank of America
Bank of AmericaLender
Barings
BaringsLender

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