Miki Naftali's Mixed-Use Property In Williamsburg Receives $385M Construction Loan From Bank OZK & Barings
FINANCED
$385,000,000
New York
See Similar DealsMixed-use645 SF
Financed 11/17/2022
FINANCED
Miki Naftali's Mixed-Use Property In Williamsburg Receives $385M Construction Loan From Bank OZK & Barings
470 Kent Avenue, Brooklyn, New York 11249, United States
See Similar DealsMixed-use645 SF
Financed 11/17/2022
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$596,899
Total Square Footage:645 SF
Transaction Type:Loan
Located at 470 Kent Ave in Williamsburg, this mixed-use property spans across 645,000 square feet. The property, known for its prime location in the Williamsburg market, recently underwent a closed transaction.
Summary of transaction details:
- Property Type: Mixed-Use
- Transaction Amount: $385,000,000
- Date: 11/17/2022
- Asset Type: Mixed-Use
- Square Footage: 645,000
- Lender: Bank OZK & Barings
- Landlord: Naftali Group - Miki Naftali & Access Industries
- Loan Type: Construction
Leading the deal, the lender, Bank OZK, and Barings provided a construction loan of $385,000,000. The Naftali Group, led by Miki Naftali, and Access Industries serve as the landlords in this transaction.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$385,000,000.00
Monthly NOI$2,566,666.67
Monthly Debt Service$2,433,461.89
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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