Naftali Group Secures $238M Construction Loan For Brooklyn Development Site
470 Kent Avenue, 480 Kent Avenue & 490 Kent Avenue
$238,000,000
Building Size
—
Asset Type
Development Site
Closing
Mar 1, 2024
AI
The development site located at 470, 480, and 490 Kent Avenue in Williamsburg, Brooklyn, secured a $238 million construction loan from Bank OZK. The loan was obtained by Naftali Group for three projects encompassing 551 units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $238,000,000
- Address: 470, 480 & 490 Kent Avenue
- Market: Williamsburg, Brooklyn
- Lender: John Faseler - Bank OZK
- Landlord: Michael Naftali - Naftali Group
Naftali Group, represented by 470 Kent Ave Associates LLC, was the entity that secured the construction loan from Bank OZK. Michael Naftali, from Naftali Group, played a crucial role in finalizing the deal. John Faseler, representing Bank OZK, facilitated the loan agreement for the development projects.
Players
Brooklyn 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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93