Updated Oct 29, 2024
New York City Housing Development Corporation Provides $225M Construction Loan In Cypress Hills For Phipps Houses Multifamily
254 Euclid Avenue, Brooklyn, New York 11208, United States
$225,000,000
Units
436
Asset Type
MultiFamily
Closing
Dec 30, 2022
About this deal
AI
The multifamily property located at 254 Euclid Avenue in Cypress Hills has recently undergone a significant transaction. The property consists of 436 units and is part of the vibrant real estate market in the area.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $225,000,000
- Market: Cypress Hills
- Lender: New York City Housing Development Corporation
- Landlord: Phipps Houses
- Loan Type: Construction
The New York City Housing Development Corporation played a crucial role in facilitating the transaction by providing a construction loan of $225,000,000. Phipps Houses, the landlord, managed the property throughout the process. This collaboration between the lending institution and the landlord has ensured the successful execution of the deal in the vibrant Cypress Hills market.
On the Map
$225,000,000
MultiFamily
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Brooklyn 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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93