Updated Sep 2, 2025
Darren Smith & Timothy Henzy Secure $58.1 Million Loan For Multifamily Development In Brooklyn
88 Chauncey Street & 132 Chauncey Street
$58,100,000
$104/SF
Building Size
277,200 SF
Asset Type
MultiFamily
Closing
Aug 7, 2025
About this deal
AI
A $58.1 million rehab construction loan was secured by Smith & Henzy Affordable Group from the NYS Housing Finance Agency for a multifamily asset located at 88-132 Chauncey Street in Bedford-Stuyvesant, Brooklyn. The property spans a total square footage of 277,200 and comprises 287 residential units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $58,100,000
- Lender: NYS Housing Finance Agency
- Landlord: Darren Smith & Timothy Henzy - Smith & Henzy Affordable Group
- Address: 88-132 Chauncey Street
- Market: Bedford Stuyvesant, Brooklyn
- Units: 287
- Square Footage: 277,200
- Loan Type: Construction
Darren Smith and Timothy Henzy represent the landlord in this transaction, bringing their expertise from Smith & Henzy Affordable Group to ensure financing for the multifamily development in Brooklyn. Their commitment to affordable housing is reflected in this significant loan secured for the project.
On the Map
$58,100,000
$104/SF
MultiFamily
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Brooklyn MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93