Bank Of America Provides $388.4M Construction Loan For Mixed-Use Property In Brooklyn
FINANCED
$388,400,000
New York
See Similar DealsMixed-use448,000 SF
Financed 08/03/2022
FINANCED
Bank Of America Provides $388.4M Construction Loan For Mixed-Use Property In Brooklyn
565 Fulton Street, Brooklyn, New York 11216, United States
See Similar DealsMixed-use448,000 SF
Financed 08/03/2022
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$867
Total Square Footage:448,000 SF
Transaction Type:Loan
A mixed-use property located at 565 Fulton Street and 547-557 Fulton Street in Brooklyn has been involved in a recent closed transaction. The property has a total square footage of 448,000 and consists of 591 units.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $388,400,000
- Market: Brooklyn
- Address: 565 Fulton Street, 547-557 Fulton Street
- Square Footage: 448,000
- Units: 591
The loan for this transaction was provided by Bank of America. The landlords involved in this deal are Steve Witkoff and Apollo Commercial Real Estate. The brokers who represented the parties were Aaron Appel and Keith Kurland from Walker & Dunlop. The loan type for this transaction is construction.
Players
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$388,400,000.00
Monthly NOI$2,589,333.33
Monthly Debt Service$2,454,952.20
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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