Updated Dec 4, 2024
Freddie Mac Provides $165.6M Agency Loan For Lightstone Group's Multifamily Property On 365 Bond Street In Gowanus, Brooklyn
365 Bond Street
$165,584,000
Units
430
Asset Type
MultiFamily
Closing
Dec 5, 2023
About this deal
AI
The Lightstone Group has secured a loan of $165,584,000 for the acquisition of a multifamily property located at 365 Bond Street in Gowanus, Brooklyn. The property consists of 430 units and is situated in a highly desirable market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $165,584,000
- Lender: Freddie Mac
- Landlord: Lightstone Group
- Brokers: Peter Rotchford, Michael Shmuely, Michael Zaremski, John Flynn, Nicco Lupo, Rob Hinckley, Jeffrey Julien, Steven Rutman, Jonathan Hageman, Hall Oster - JLL
- Loan Type: Agency Lending
The transaction was facilitated by a team of brokers from JLL, including Peter Rotchford, Michael Shmuely, Michael Zaremski, John Flynn, Nicco Lupo, Rob Hinckley, Jeffrey Julien, Steven Rutman, Jonathan Hageman, and Hall Oster. Their expertise and negotiation skills played a crucial role in securing the loan for Lightstone Group.
Players
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
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93