Madison Realty Capital Provides $450M Construction Loan For Mixed-Use Development In Downtown Brooklyn
625-635 Fulton Street, Brooklyn, NY, USA
$450,000,000
$250/SF
Building Size
1,800,000 SF
Asset Type
Mixed-use
Closing
Sep 3, 2021
AI
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.
Players
Brooklyn Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
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