Updated Jul 10, 2026
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
About this deal
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.
On the Map
$217,000,000
$728/SF
Development Site
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Arona Development Site Market Snapshot
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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