Bank Hapoalim Provides $19.6M Loan For Gowanus Development Site

The development site located at 450 Warren Street in Gowanus, Boerum Hill has been involved in a closed property transaction. The property spans a total area of 27,142 square feet, including an additional 4,015 square feet of on-grade commercial space. The deal entails the transfer of ownership from the landlord, Tankhouse represented by Sam Alison-Mayne and Sebastian Mendez, to undisclosed buyers.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $19,600,000
• Date: June 19, 2020
• Market: Gowanus, Boerum Hill
• Lender: Bank Hapoalim

The loan provided by Bank Hapoalim amounts to $19,600,000 and has a term of 30 months, with full-term interest-only payments. The property comprises a total of 18 units and is expected to undergo development in the near future.