Lisa Gomez Of L&M Development Partners Secures $217 Million Loan For Alafia Project In Brooklyn
888 Fountain Avenue, 25 Aronia Walk, Brooklyn, Ny 11208 & 888 Fountain Avenue, Brooklyn, Ny 11239
$217,000,000
$728/SF
Building Size
297,883 SF
Asset Type
Development Site
Closing
Jul 10, 2026
AI
The property asset involved in this transaction is a development site located at 888 Fountain Avenue in Brooklyn. This site encompasses a square footage of 297,883 and is part of the East New York market. The transaction involves a construction loan amounting to $217,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $217,000,000
- Lender: New York State Energy Research & Development Authority, Redstone Bank & Goldman Sachs Urban Investment Group
- Landlord: Lisa Gomez - L+M Development Partners & Apex Building Group
Key individuals and companies involved in this deal include Apex Building Group and L+M Development Partners, which secured the $217 million in construction financing for Phase 3 of the Alafia Project. This phase will facilitate the development of two residential buildings comprising 273 affordable housing units along with new public green spaces.
Players
Arona Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93