Updated Oct 29, 2024
Affinius Capital Provides $110M Construction Loan For 193-Unit Multifamily In Gowanus Brooklyn
204 4th Avenue, Brooklyn, NY 11217
$110,000,000
Units
193
Asset Type
MultiFamily
Closing
May 7, 2023
About this deal
AI
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
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93