Valley National Bank Provides $252M Construction Loan For Mixed-Use Property In New York City
532 Neptune Ave Brooklyn, NY 11224, USA
$252,000,000
Units
499
Asset Type
Mixed-use
Closing
Jun 29, 2023
About this deal
AI
The mixed-use property located at 532 Neptune Avenue in New York City has been involved in a closed transaction. The property consists of 499 units and is owned by Aaron Polinsky of Cammeby's International, Sergey Rybak, and Andrei Shavrin of Rybak Development.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $252,000,000
- Address: 532 Neptune Avenue
- Market: New York City
- Units: 499
The loan for this transaction was provided by Valley National Bank. The lenders provided a construction loan amounting to $252,000,000.
The brokers involved in the deal were Ronnie Levine, Scott Miller, and AJ Bruno from Meridian Capital Group. They represented the parties involved in the transaction.
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