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Units / buildings152
Size11,790 sq ft
MarketBrooklyn, NY
Transaction overview
The portfolio comprises 152 units and 11,790 SF of commercial space. At closing, the property was 99% complete with TCO pending for lease-up and a 35-year 421(a) tax abatement application.
Once stabilized, the sponsor plans to sell the properties as part of a larger portfolio to a private equity group.
Highlights
- Multifamily
- Construction refinance
- 421(a) abatement
- Brooklyn, NY
Loan details
- Loan type
- Floating rate bridge loan
- Structure
- Construction loan refinance
Structure
- Recourse
- Typically non-recourse except for standard carve-outs
Terms
- Term
- 6 months to 5 years
Markets
- Markets
- Primary, secondary, and select tertiary U.S. markets
Additional information
- Transaction details are provided for informational purposes based on publicly available deal summaries.
