Updated Oct 13, 2026
Barings & Pacific Western Bank Provides $63M Loan For Development Site In Bedford-Stuyvesant, Brooklyn
800 Willoughby Avenue, Brooklyn, NY, USA
$63,000,000
$340/SF
Building Size
185,000 SF
Asset Type
Development Site
Closing
Feb 17, 2021
About this deal
AI
barings-4626a10b-91b9-4404-b096-d78fc90a0c26''>Barings and Pacific Western Bank have provided a loan of $63,000,000 for a development site in Bedford-Stuyvesant, Brooklyn. The property, located at 800 Willoughby Avenue, is a dev site with a buildable square footage (BSF) of 185,000. The loan was secured by Property Resource Corp. and Avenue Realty Capital, who act as the landlords of the property.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $63,000,000
- Market: Bedford-Stuyvesant, Brooklyn
- Address: 800 Willoughby Avenue
The deal was facilitated by Newmark brokers Dustin Stolly, Jordy Roeschlaub, Chris Kramer, Daniel Fromm, and Nick Scribani. They represented the parties involved in the transaction, including the lenders Barings and Pacific Western Bank, as well as the landlords Property Resource Corp. and Avenue Realty Capital.
On the Map
$63,000,000
$340/SF
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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93