Cross River Bank Provides $28M Ground Construction Loan For Mixed-Use Project In Gowanus/Park Slope
Gowanus, New York City, New York, United States
$28,000,000
$496/SF
Building Size
56,364 SF
Asset Type
Mixed-use
Closing
May 31, 2022
About this deal
AI
A ground construction loan has been secured for the demo of a 14-story mixed-use building in the Gowanus neighborhood of Park Slope, part of the NYC Inclusionary Housing and Mandatory Inclusionary Housing programs. The property consists of 66 residential units, 1 commercial unit, and has a gross square footage of 56,364. The loan amount from Cross River Bank is $28,000,000.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $28,000,000
- Market: Gowanus/Park Slope (In the Gowanus Neighborhood Rezoning Area)
- Loan Type: Ground Construction
- Lender: Cross River Bank
- Asset Type: Mixed-Use (66 Residential Units & 1 Commercial Unit)
- Gross Square Footage: 56,364
Cross River Bank provided the loan for the ground construction project. For more information, you can visit Cross River's lending page at https://crossriver.com/commercial-lending and check out their LinkedIn page at https://www.linkedin.com/showcase/cross-river-commercial-lending.
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
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93