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
$385,000,000
$596,899/SF
Building Size
645 SF
Asset Type
Mixed-use
Closing
Nov 17, 2022
About this deal
AI
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.
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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93