Updated Dec 4, 2024
Gindi Family Secures $20M Loan For Development Site At 472 86th Street In Bay Ridge, Brooklyn
472 86th Street
$20,000,000
Building Size
—
Asset Type
Development Site
Closing
Nov 14, 2023
About this deal
AI
The Gindi family's Century 21 site at 472 86th St. in Brooklyn has secured $20 million in construction financing from Peapack-Gladstone Bank. The property, a development site located in Bay Ridge, Brooklyn, will be transformed into a new retail hub.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $20,000,000
- Lender: Peapack-Gladstone Bank
- Landlord: Gindi family - Raymond Gindi
Peapack-Gladstone Bank provided the $20 million construction financing for the development site owned by the Gindi family. With this capital, the Gindis will be able to create a new retail hub in Bay Ridge, Brooklyn. This deal highlights the bank's willingness to support and invest in real estate development projects.
On the Map
$20,000,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93