Maddd Equities, Joy Construction double debt to $31M from Natixis in Fort Greene

Maddd Equities and Joy Construction through the entity YYY Brooklyn NY LLC as borrower signed a loan agreement with lender Natixis valued at $31.0 million for 2 parcels, including the tax class unlicensed parking lot (G7) at 67 Prince Street and N/A Myrtle Avenue in Fort Greene, Brooklyn. The deal closed on December 18, 2020 and was recorded on December 28, 2020.
The property has 114,500 square feet of available development rights according to a PincusCo analysis of public data.
The average loan per buildable square foot is $271.
The debt was nearly doubled from $16 million with a gap loan of $15 million. This is for 67 Prince Street and N/A Myrtle Avenue. The developers acquired the site and air rights from NYCHA on June 18, 2020 for $24.85 million.
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