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888 Fountain Avenue

FINANCEDDevelopment Site

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:

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

New York State Energy Research & Development Authority
New York State Energy Research & Development AuthorityLender
L+M Development Partners
L+M Development PartnersLandlord

Arona Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

Loading comparables…

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