Anthony Candela Acquires Mixed-Use Property In Downtown Brooklyn For $59M
85 Flatbush Avenue Extension
$59,000,000
$377/SF
Building Size
156,115 SF
Asset Type
Mixed-use
Closing
Jan 12, 2024
About this deal
AI
The property involved in this closed transaction is a mixed-use building located at 85 Flatbush Avenue Extension in Downtown Brooklyn. The property spans a total area of 156,115 square feet and consists of both hotel and multifamily units.
Summary of transaction details
- Property Type: Mixed-Use (Hotel/Multifamily)
- Transaction Amount: $59,000,000
- Address: 85 Flatbush Avenue Extension, Downtown Brooklyn
- Market: Downtown Brooklyn
Anthony Candela from Slate Asset Management served as the lender for this transaction. The loan amount provided was $59,000,000 and the loan type was a bridge loan. On the other hand, Ohana Real Estate Investors acted as the landlord for the property.
Mark Fisher and Barnett Wu from JLL represented the parties involved in this deal as brokers.
On the Map
$59,000,000
$377/SF
Mixed-use
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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
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93