Iron Hound Management Secures $386M Loan For Greenpoint Development Site
FINANCED
$386,000,000
New York
See Similar DealsDevelopment Site95,000 SF
Financed 05/27/2020
FINANCED
Iron Hound Management Secures $386M Loan For Greenpoint Development Site
77 Commercial St, Brooklyn, NY 11222, USA
See Similar DealsDevelopment Site95,000 SF
Financed 05/27/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$4,063
Total Square Footage:95,000 SF
Transaction Type:Loan
The development site located at 77 Commercial Street in Greenpoint was recently involved in a transaction. The property, owned by Clipper Equity, was the subject of a deal in which The Bank of China and SL Green Realty provided a loan amount of $386,000,000. The transaction involved a total of 720 units on the site.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $386,000,000
- Address: 77 Commercial Street
- Market: Greenpoint
The key individuals in this deal included Andrew Matthias and Marc Holliday, representing The Bank of China and SL Green Realty. Additionally, David Bistricer, from Clipper Equity, acted as the landlord in the transaction. Iron Hound Management served as the broker for this deal.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$386,000,000.00
Monthly NOI$2,573,333.33
Monthly Debt Service$2,439,782.57
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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