Extell Development Acquires ResiTower In Downtown Brooklyn For $530M Loan
138 Willoughby St, Brooklyn, NY 11201, USA
$530,000,000
$812/SF
Building Size
652,373 SF
Asset Type
Other
Closing
Jul 29, 2018
About this deal
AI
The property asset involved in this transaction is located at 138 Willoughby Street in Downtown Brooklyn, New York. The asset, known as BrooklynPointNYC, is a residential tower. The property is owned by Gary Barnett’s Extell Development.
Summary of transaction details
- Property Type: ResiTower
- Transaction Amount: $530,000,000
- Lender: @RXR_Realty and M&T Bank
- Landlord: Gary Barnett’s Extell Development
Gary Barnett and Scott Rechler were the key individuals involved in this transaction. Gary Barnett represents Extell Development, while Scott Rechler represents RXR Realty and M&T Bank as lenders. The loan terms require Extell to repay at least $100 million within the first 42 months from the proceeds of condominium sales.
Players
New York Other Market Snapshot
Boundary boundary · Other · Loan transactions
Loading comparables…
Deal FAQ
Visit Gary Barnett to view all their deals.
Browse New York other loans on Traded.
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