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Property Markets Group Secures $59.5M Construction Loan For Gowanus Development Site

Property Image
FINANCED
$59,500,000
Daniel M Kaplan
Ryan Shear
KM

New York

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Development Site490,000 SF
Financed 06/28/2022
the dealplayerscompscontact
Property Image
FINANCED

Property Markets Group Secures $59.5M Construction Loan For Gowanus Development Site

495 Sackett Street, Brooklyn, New York 11231, United States

See Similar Deals
Development Site490,000 SF
Financed 06/28/2022
Daniel M Kaplan
Ryan Shear
KM
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$121
Total Square Footage:490,000 SF
Transaction Type:Loan

495, 498-510 Sackett Street & 267 Bond Street, a development site located in Gowanus, Brooklyn, has been involved in a recent closed transaction. The site has a buildable square footage (BSF) of 490,000, making it an attractive investment opportunity in the area.

Summary of transation details

  • Property Type: Development Site
  • Transaction Amount: $59,500,000
  • Location: 495, 498-510 Sackett Street & 267 Bond Street, Gowanus, Brooklyn
  • Market: Gowanus, Brooklyn
  • Lender: Maxim Capital Group - Adam Glick, Jason Bordenick & Josh Greene
  • Landlord: Property Markets Group - Kevin Maloney, Ryan Shear & Daniel Kaplan
  • Loan Type: Construction

The transaction involved Maxim Capital Group as the lender, represented by Adam Glick, Jason Bordenick, and Josh Greene. The landlord in this deal was Property Markets Group, with Kevin Maloney, Ryan Shear, and Daniel Kaplan representing their interests.

Players

Maxim Capital Group
Maxim Capital Group
LENDER
Daniel M Kaplan
Property Markets Group
Daniel M Kaplan
8 deals$299.4M volume
LANDLORD
Ryan Shear
Property Markets Group
Ryan Shear
13 deals$1B volume
LANDLORD
KM
Property Markets Group
Kevin Maloney
16 deals$1.2B volume
LANDLORD

Details

FINANCED
IMAGE: Kevin Maloney, Ryan Shear, Daniel Kaplan, Adam Glick, Jason Bordenick & Josh Greene DATE: 06/28/2022 ADDRESS: 495, 498-510 Sackett Street & 267 Bond Street MARKET: Gowanus, Brooklyn ASSET TYPE: Development Site ~ BSF: 490,000 LENDER: Maxim Capital Group (@MaximCapitalGroup) - Adam Glick (@AdamGlick_), Jason Bordenick & Josh Greene (@JocoGree) LANDLORD: Property Markets Group (@PMGDevelopment) - Kevin Maloney, Ryan Shear & Daniel Kaplan LOAN AMOUNT: $59,500,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$59,500,000.00

Monthly NOI$396,666.67
Monthly Debt Service$376,080.47
Change in Cash Flow$0.00
Refinance Proceeds$0.00