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Joel Wertzberger's Joyland Group Secures $33M Refinance Loan From Valley National Bank For Condo In Brooklyn
FINANCED
$33,000,000
New York
See Similar DealsCondo
Financed 07/25/2025
FINANCED
Joel Wertzberger's Joyland Group Secures $33M Refinance Loan From Valley National Bank For Condo In Brooklyn
589 Rockaway Avenue
See Similar DealsCondo
Financed 07/25/2025
Summary
NEW YORK
Asset Type:Condo
Transaction Type:Loan
The asset involved in this transaction is a commercial condo located at 589 Rockaway Avenue in Brownsville, Brooklyn. The property is noteworthy for being the site of ACI Inpatient Detox & Rehab Services. The refinancing loan secured for this asset amounted to $33,000,000.
Summary of transation details:
- Property Type: Condo
- Transaction Amount: $33,000,000
- Lender: Valley National Bank
- Landlord: Joel Wertzberger
- Company: Joyland Group
- Entity: 635 Rockaway LLC
The key individuals involved in this transaction include Joel Wertzberger, who is acting as the landlord and represents Joyland Group in this refinancing deal. The financial arrangement was facilitated through Valley National Bank, highlighting the collaboration between the involved parties in securing funds for the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$33,000,000.00
Monthly NOI$220,000.00
Monthly Debt Service$208,582.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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