RiseBoro Community Partnership Secures $412.5 Million Loan For Mixed-Use Development In East New York

The property asset involved in this transaction is a mixed-use development located at 888 Fountain Avenue in East New York, Brooklyn. The asset encompasses 22,000 square feet and comprises 634 units. The total loan amount secured for this development is $412,500,000.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $412,500,000
• Address: 888 Fountain Avenue
• Market: East New York, Brooklyn
• Square Footage: 22,000
• Units: 634
• Lender: RuthAnne Visnauskas - New York State Housing Finance Agency
• Lender: Michael Dury - Merchants Capital
• Lender: Bank of America
• Landlord: Kieran Harrington - RiseBoro Community Partnership
• Development Partners: L+M Development Partners and Apex Building Group

This transaction involves a significant financing effort led by the nonprofit organization RiseBoro Community Partnership, which is securing the funds to advance Phase 2 of the Alafia development. The development aims to enhance the East New York area while supporting the local community.