Updated Feb 3, 2025
Rick Gropper Of Camber Property Group Secures $605M Construction Loan For Linden Plaza In Brooklyn
735 Lincoln Avenue, 671 Lincoln Avenue & 735 Lincoln Avenue
$605,000,000
$114/SF
Building Size
1,758,394 SF
Asset Type
MultiFamily
Closing
Jan 30, 2025
About this deal
AI
The asset involved in this transaction consists of a multifamily and special purpose complex located at 735 Lincoln Avenue, 671 Lincoln Avenue, and 735 Lincoln Avenue in the East New York market of Brooklyn. The total square footage of the property is 1,758,394.
Summary of transaction details:
- Property Type: Multifamily & Special Purpose
- Transaction Amount: $605,000,000
- Lender: NYC Housing Development Corporation
- Landlord: Rick Gropper - Camber Property Group
- Loan Type: Construction
- Asset includes: Linden Plaza, a six-building, 1,527-unit complex
Key individuals involved in this financing transaction include Rick Gropper representing Camber Property Group, which secured the significant construction loan from NYC Housing Development Corporation for the redevelopment efforts of the complex.
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
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93