Madison Realty Capital Provides $450M Construction Loan For Mixed-Use Development In Downtown Brooklyn
FINANCED
$450,000,000
New York
See Similar DealsMixed-use1,800,000 SF
Financed 09/03/2021
FINANCED
Madison Realty Capital Provides $450M Construction Loan For Mixed-Use Development In Downtown Brooklyn
625-635 Fulton Street, Brooklyn, NY, USA
See Similar DealsMixed-use1,800,000 SF
Financed 09/03/2021
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$250
Total Square Footage:1,800,000 SF
Transaction Type:Loan
Located at 625-635 Fulton Street in Downtown Brooklyn, this mixed-use development spans a total of 1,800,000 square feet. The property is the subject of a closed transaction, with the landlord being the esteemed Rabsky Group.
Summary of transaction details
- Property Type: Mixed-use Development
- Transaction Amount: $450,000,000
- Loan Type: Construction Loan
In terms of financing, the loan for this project was provided by Madison Realty Capital, with Josh Zegen representing the lender. The loan amount stands at $450,000,000. The broker involved in the deal is Henry Bodek from Galaxy Capital.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$450,000,000.00
Monthly NOI$3,000,000.00
Monthly Debt Service$2,844,306.11
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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