Brookfield gets $190M construction loan from Goldman Sachs for Mott Haven development

Brookfield Properties through the entity Bop 2401 Third Avenue LLC as borrower signed a loan agreement with lender Goldman Sachs through the entity Bsrecp Iii Joint Us Origination, L.L.C. valued at $190.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 458 residential units at 2401 3rd Avenue in Mott Haven. The deal closed on February 4, 2021 and was recorded on February 11, 2021.
The property contains a total of 401,561 square feet of built space. The property has 401,561 square feet of available development rights.
The average loan per unit is $414,847.
The Goldman Sachs financing pays off a $96 million land load from HSBC, and adds a $79.8 million building loan, a $59.5 million project loan and a $20.4 million gap loan. The last time the property sold was September 5, 2018 for $39,600,000. Brookfield filed plans in 2015 for a 458-unit rental.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $8,000.

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