Parkoff Organization Secures $47.5 Million Refinance Loan From New York Community Bank For Multifamily Asset

The property asset involved is a multifamily building located at 2131 & 2132 Wallace Avenue in the Pelham Parkway market. The asset spans a total of 353,932 square feet and consists of 347 residential units. The property has undergone a refinance transaction amounting to $47,500,000, facilitated by New York Community Bank for the landlord, Parkoff Organization.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $47,500,000
• Address: 2131 & 2132 Wallace Avenue
• Market: Pelham Parkway
• Asset Size: 353,932 SF
• Units: 347
• Lender: New York Community Bank
• Landlord: Parkoff Organization
• Loan Type: Refinance

The refinance deal is represented by New York Community Bank, which has provided the financing for Parkoff Organization. The transaction reflects the ongoing financial activity and management approach of Parkoff Organization in maintaining its multifamily property portfolio.