Updated Jun 5, 2025
Artimus Secures $91M Construction Loan For Industrial Building In Gowanus, Brooklyn
$91,000,000
Units
140
Asset Type
Industrial
Closing
Feb 1, 2024
About this deal
AI
An industrial building located at 164 4th Avenue in Gowanus, Brooklyn has secured a $91 million construction loan. The property, with a total square footage of 114,431, is slated for a 140-unit residential development project led by Roee Wiczyk. The loan was obtained from JPMorgan Chase and the Community Preservation Corporation through Cpc Mortgage Company LLC.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $91,000,000
- Market: Gowanus, Brooklyn
- Built Square Feet: 114,431
- Lender: JPMorgan Chase
- Lender's Representative: Rafael E. Cestero - Community Preservation Corporation (CPC)
- Landlord: Ronen Haron
- Landlord's Representative: Artimus
An interesting note about this transaction is that Artimus, represented by Ronen Haron, secured the construction loan. The collaboration between JPMorgan Chase and the Community Preservation Corporation through Cpc Mortgage Company LLC will fund the development project led by Roee Wiczyk for the transformation of the industrial building into a residential complex.
Players
Market Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93