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Affinius Capital Provides $110M Construction Loan For 193-Unit Multifamily In Gowanus Brooklyn

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FINANCED
$110,000,000

New York

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MultiFamily
Financed 05/07/2023
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Property Image
FINANCED

Affinius Capital Provides $110M Construction Loan For 193-Unit Multifamily In Gowanus Brooklyn

204 4th Avenue, Brooklyn, NY 11217

See Similar Deals
MultiFamily
Financed 05/07/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan

Affinius Capital has provided $110 million in financing for the development of a 193-unit apartment property located at 204 Fourth Avenue in Gowanus, Brooklyn. The property is being developed by Gindi Capital and Avery Hall Investments, and will feature a rooftop lounge, coworking space, fitness center, children's playroom, swimming pool, and 14,000 square feet of retail space.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $110,000,000
  • Units: 193
  • Address: 204 Fourth Avenue, Gowanus

The loan for this construction project was provided by Affinius Capital. JLL Capital Markets served as the broker in this transaction.

Players

Affinius Capital
Affinius Capital
LENDER
AI
Avery Hall Investments
LANDLORD
GC
Gindi Capital
LANDLORD

Details

FINANCED
IMAGE: Avi Fisher, Brian Ezra & Jesse Wark DATE: 05/08/2023 ADDRESS: 204 Fourth Avenue MARKET: Gowanus ASSET TYPE: Multirfamily ~ UNITS: 193 LENDER: Affinius Capital LANDLORD: Gindi Capital & Avery Hall Investments BROKER: JLL Capital Markets LOAN AMOUNT: $110,000,000 LOAN TYPE: Construction NOTE: Affinius Capital has provided $110 million in financing for the development of a 193-unit apartment property in the Gowanus neighborhood of Brooklyn. The property is being developed by a venture between Gindi Capital and Avery Hall Investments, and will feature a rooftop lounge, coworking space, fitness center, children's playroom, swimming pool, and 14,000 square feet of retail space.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$110,000,000.00

Monthly NOI$733,333.33
Monthly Debt Service$695,274.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00