TishmanSpeyer Secures $255.8M Construction Loan For Mixed-Use Property In Downtown Brooklyn
422 Fulton Street, Downtown Brooklyn, Brooklyn, NY, USA
$255,847,291
$324/SF
Building Size
789,331 SF
Asset Type
Mixed-use
Closing
Nov 17, 2021
About this deal
AI
The property involved in this transaction is a mixed-use asset located at 422 Fulton Street in Downtown Brooklyn. The transaction took place in October 2021. The property is owned by Tishman Speyer and is situated in the Downtown Brooklyn market.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $255,847,291
- Lender: Starwood Capital Group
- Landlord: Tishman Speyer
The loan provided for this transaction is a construction loan. Notable individuals involved in the deal include Jerry Speyer, Barry Sternlicht, and Rob Speyer, as shown in the accompanying image.
Players
New York 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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93