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Rick Gropper Of Camber Property Group Secures $605M Construction Loan For Linden Plaza In Brooklyn
FINANCED
$605,000,000
New York
See Similar DealsMultiFamily5,275,182 SF
Financed 01/30/2025
FINANCED
Rick Gropper Of Camber Property Group Secures $605M Construction Loan For Linden Plaza In Brooklyn
735 Lincoln Avenue, 671 Lincoln Avenue & 735 Lincoln Avenue
See Similar DealsMultiFamily5,275,182 SF
Financed 01/30/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$114
Total Square Footage:5,275,182 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$605,000,000.00
Monthly NOI$4,033,333.33
Monthly Debt Service$3,824,011.54
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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