Updated Oct 28, 2024
Property Markets Group Secures $59.5M Construction Loan For Gowanus Development Site
495 Sackett Street, Brooklyn, New York 11231, United States
$59,500,000
$121/SF
Building Size
490,000 SF
Asset Type
Development Site
Closing
Jun 27, 2022
About this deal
AI
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.
On the Map
$59,500,000
$121/SF
Development Site
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Players
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93