Updated Oct 12, 2026
Lisa Bova-Hiatt Of New York City Housing Authority Closes $607M Loan For Brooklyn Development Site
2241 Batchelder Street
$607,000,000
Building Size
—
Asset Type
Development Site
Closing
Oct 12, 2026
About this deal
AI
A rehabilitation loan has been secured for a development site located at 2241 Batchelder Street in Brooklyn. The property involves the modernization of Nostrand Houses, which consists of 16 buildings and aims to upgrade a total of 1,148 apartments accommodating approximately 2,000 residents.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $607,000,000
- Landlord: Lisa Bova-Hiatt - New York City Housing Authority
- Loan Type: Rehabilitation
The financing was finalized on October 12, 2026, indicating a significant investment in public housing. The deal was facilitated under the representation of Lisa Bova-Hiatt acting on behalf of the New York City Housing Authority.
On the Map
$607,000,000
Development Site
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Players
Brooklyn 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
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93