New York City Housing Development Corporation Provides $225M Construction Loan In Cypress Hills For Phipps Houses Multifamily
FINANCED
$225,000,000
New York
See Similar DealsMultiFamily
Financed 12/30/2022
FINANCED
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
See Similar DealsMultiFamily
Financed 12/30/2022
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
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.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$225,000,000.00
Monthly NOI$1,500,000.00
Monthly Debt Service$1,422,153.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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