Updated Sep 21, 2026
Empire Management Secures $33.2 Million Construction Loan From OakNorth Bank For Brooklyn Multifamily Development
236 Highland Place & 240 Highland Place
$33,200,000
Units
99
Asset Type
MultiFamily
Closing
Jun 23, 2026
About this deal
AI
The property involved in this transaction comprises two multifamily apartment buildings located at 236 Highland Place and 240 Highland Place in Brooklyn, featuring a total of 99 units. The loan amount secured for the ground-up development of these buildings is $33,200,000, under a construction loan type.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $33,200,000
- Location: 236 Highland Place & 240 Highland Place, Brooklyn
- Lender: OakNorth Bank
- Landlord: Empire Management
- Units: 99
In this transaction, OakNorth Bank serves as the lender providing the financing, while Empire Management acts as the landlord overseeing the development project encompassing the two building sites in East New York, Brooklyn.
On the Map
$33,200,000
MultiFamily
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Players
Highland MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93