FINANCEDOffice
Quinlan Development Group Secures $137.5M Loan Modification For 41 Flatbush Avenue In Fort Greene, Brooklyn
41 Flatbush Ave Brooklyn, NY 11217, USA
$137,454,214
$592/SF
Building Size
232,174 SF
Asset Type
Office
Closing
May 23, 2023
AI
Quinlan Development Group, represented by Timothy Quinlan, secured a loan modification for the office building located at 41 Flatbush Avenue in Fort Greene, Brooklyn. The loan modification, valued at $137.5 million, was obtained from lender PCCP, represented by William R. Lindsay.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $137,454,214
- Address: 41 Flatbush Avenue
- Market: Fort Greene, Brooklyn
- Square Footage: 232,174 SF
- Lender: PCCP - William R. Lindsay
- Landlord: Quinlan Development Group - Timothy Quinlan
The loan modification deal closed on May 23, 2023.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93