Updated Dec 4, 2024
Catholic Charities Secures $108.1M Construction Loan In Brownsville, Brooklyn
651 Mother Gaston Boulevard
$108,100,000
Units
142
Asset Type
Development Site
Closing
Apr 19, 2024
About this deal
AI
A $108.1 million new construction loan has been secured for a 142-unit project at 651 Mother Gaston Boulevard in Brownsville, Brooklyn. The lender for this development site is the NYC Department of Housing Preservation & Development, with Catholic Charities Brooklyn & Queens - Lawrence Jockel & Jeanne M. Diulio as the landlord.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $108,100,000
- Address: 651 Mother Gaston Boulevard
- Market: Brownsville, Brooklyn
- Units: 142
- Lender: NYC Department of Housing Preservation & Development
- Landlord: Catholic Charities Brooklyn & Queens - Lawrence Jockel & Jeanne M. Diulio
Catholic Charities Brooklyn & Queens, represented by Livonia C3 Housing Development Fund Corporation, facilitated the loan agreement with the NYC Housing Development Corporation for this prominent project in Brownsville, Brooklyn. This substantial loan will support the creation of 142 residential units at the noted address, in line with the organization's commitment to community development and affordable housing initiatives.
On the Map
$108,100,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93