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MJ Orbach Associates Secures $28.5 Million Refinance From Citibank For Retail Properties In Brooklyn

Property Image
FINANCED
$28,500,000

New York

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Condo
Financed 02/13/2026
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Property Image
FINANCED

MJ Orbach Associates Secures $28.5 Million Refinance From Citibank For Retail Properties In Brooklyn

524 Myrtle Avenue & 490 Myrtle Avenue

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Condo
Financed 02/13/2026
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Summary

NEW YORK
Asset Type:Condo
Transaction Type:Loan

The asset involved in this transaction consists of seven retail properties in Brooklyn, specifically located at 524 Myrtle Avenue, 490 Myrtle Avenue, and 504 Myrtle Avenue, within the Clinton Hill market. The total of these properties encompasses 73,488 acres. The landlord for this transaction is MJ Orbach Associates, and they secured a refinancing loan amounting to $28,500,000 from Citibank.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $28,500,000
  • Lender: Citibank
  • Landlord: MJ Orbach Associates
  • Loan Type: Refinance

The refinancing was secured through Of 484 LLC by MJ Orbach Associates, which highlights the collaboration with Citi Real Estate Funding Inc. in this transaction. The deal represents a significant financial maneuvers related to multiple properties in the area, indicating active management of real estate assets by the landlord.

Players

Citibank
Citibank
LENDER

Details

FINANCED
IMAGE: 02/13/2026 ADDRESS: 524 Myrtle Avenue & 490 Myrtle Avenue MARKET: Clinton Hill, Brooklyn ASSET TYPE: Condo ~ ACRES: 73,488 LENDER: Citibank LANDLORD: MJ Orbach Associates LOAN AMOUNT: $28,500,000 LOAN TYPE: Refinance NOTE: MJ Orbach Associates, through Of 484 LLC, secured a $28.5 million refi from Citibank via Citi Real Estate Funding Inc. for seven retail properties in Brooklyn, including 524, 490 and 504 Myrtle Avenue in Clinton Hill.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$28,500,000.00

Monthly NOI$190,000.00
Monthly Debt Service$180,139.39
Change in Cash Flow$0.00
Refinance Proceeds$0.00