Updated Oct 14, 2026
TowerREI Secures $21.5 Million Construction Loan From Israel Discount Bank For Development Site In Brooklyn
344 Malcolm X Boulevard
$21,500,000
$413/SF
Building Size
52,000 SF
Asset Type
Development Site
Closing
Jun 30, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 344 Malcolm X Boulevard in Brooklyn. It encompasses a building square footage (BSF) of 52,000 and a total square footage (SF) of 52,000. The property is supported by a construction loan amounting to $21,500,000. The loan was provided by Israel Discount Bank.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $21,500,000
- Address: 344 Malcolm X Boulevard
- Market: Brooklyn
- Lender: Israel Discount Bank
- Landlord: TowerREI - Rafael Reihanian
- Loan Type: Construction
The transaction involves TowerREI, represented by Rafael Reihanian, who is associated with the development site. The deal reflects a strategic financial move to support construction efforts in the area.
On the Map
$21,500,000
$413/SF
Development Site
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Players
Brooklyn Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93