Phipps Houses Secures $217M Construction Loan For Mixed-Use Development In East New York
250 Euclid Avenue, East New York, Brooklyn, NY, USA
$217,000,000
$3,616/SF
Building Size
60,000 SF
Asset Type
Mixed-use
Closing
Jun 28, 2020
About this deal
AI
The property located at 250 Euclid Street in East New York has recently undergone a closed transaction. This mixed-use asset consists of 403 units and is positioned in the market of East New York.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $217,000,000
- Address: 250 Euclid Street
- Market: East New York
- Units: 403
The loan for this transaction was provided by the New York City Department Of Housing Preservation & Development, the New York City Housing Development Corporation, and Wells Fargo. The developer involved in this project is Phipps Houses, represented by Adam Weinstein.
This transaction involved a construction loan of $217,000,000.
Players
Brooklyn Mixed-use Market Snapshot
Boundary boundary · Mixed-use · 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