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Gindi Family Secures $20M Loan For Development Site At 472 86th Street In Bay Ridge, Brooklyn
FINANCED
$20,000,000
New York
See Similar DealsDevelopment Site
Financed 11/14/2023
FINANCED
Gindi Family Secures $20M Loan For Development Site At 472 86th Street In Bay Ridge, Brooklyn
472 86th Street
See Similar DealsDevelopment Site
Financed 11/14/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
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.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,000,000.00
Monthly NOI$133,333.33
Monthly Debt Service$126,413.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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