Related Companies Secures $160M Refinancing Loan For Gateway Center Mall In Brooklyn
339 Gateway Dr Brooklyn, Ny 11239, Usa
$160,000,000
$448/SF
Building Size
357,001 SF
Asset Type
Retail
Closing
May 24, 2023
About this deal
AI
The Gateway Center mall, located in East New York, Brooklyn, has secured a refinancing loan valued at $160 million from Deutsche Bank's DBR Investments Co. Limited. The mall includes multiple retail buildings with a total square footage of 357,001.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $160,000,000
- Address: 339 Gateway Drive, 381 Gateway Drive & 459 Gateway Drive
- Market: East New York, Brooklyn
- BSF: 4,406,819
- SF: 357,001
The loan was provided by Deutsche Bank, with Vishal M. Mahadkar and Murray Mackinnon representing the bank. Related Companies, represented by Glenn Goldstein, is the landlord of the Gateway Center mall.
Players
New York Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93