Bank Of America Provides $360M Construction Loan For Mixed-Use Property In Greenpoint, Brooklyn
1 Java Street
$360,000,000
$631/SF
Building Size
570,074 SF
Asset Type
Mixed-use
Closing
Dec 13, 2022
About this deal
AI
Located at 1 Java Street in Greenpoint, Brooklyn, this mixed-use property encompasses a total of 570,074 square feet. The asset, owned by Lendlease, is a thriving space in the Greenpoint market.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $360,000,000
- Address: 1 Java Street
- Market: Greenpoint, Brooklyn
- Landlord: Lendlease
- Lender: Bank Of America
- Brokers: Christopher Peck & Alex Staikos - JLL
Christopher Peck and Alex Staikos from JLL acted as the brokers in this deal. They facilitated the transaction between the landlord, Lendlease, and the lender, Bank Of America. The loan was provided by Bank Of America and amounted to $360,000,000. This construction loan will contribute to the further development and enhancement of the property.
Players
New York 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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93