Updated Oct 28, 2024
Bank Of America Provides $388.4M Construction Loan For Development Site In Downtown Brooklyn
589 Fulton Street, Brooklyn, New York 11216, United States
$388,444,200
Building Size
—
Asset Type
Development Site
Closing
Sep 2, 2022
About this deal
AI
A development site located at 589 Fulton Street in Downtown Brooklyn was recently involved in a closed property transaction. The property, owned by Apollo Global Management and Witkoff represented by Jeffrey Horowitz, obtained a construction loan from Bank of America with a total amount of $388,444,200.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $388,444,200
- Address: 589 Fulton Street, Downtown Brooklyn
- Lender: Bank of America
- Landlord: Apollo Global Management & Witkoff - Jeffrey Horowitz
- Loan Type: Construction
The key individuals involved in this deal are Jeffrey Horowitz representing Apollo Global Management and Witkoff. Bank of America provided the construction loan for the development site located at 589 Fulton Street in Downtown Brooklyn.
On the Map
$388,444,200
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93