Michael Shapiro Secures $13.2M Refinance From Maxim Capital Group For Development Site In Brooklyn

The property asset involved in this transaction is located at 2518 Ocean Avenue, situated in the Sheepshead Bay market of Brooklyn. It is classified as a development site with a total building square footage of 30,143. The landlord for this property is Michael Shapiro, who secured a refinance loan for the site.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $13,200,000
• Address: 2518 Ocean Avenue
• Market: Sheepshead Bay, Brooklyn
• Asset Size: 30,143 BSF
• Lender: Brian Steiner & Adam Glick - Maxim Capital Group
• Previous Loan Amount: $11,500,000 held by S3 Capital
• Loan Type: Refinance

Key individuals involved in this deal include Brian Steiner and Adam Glick, representing Maxim Capital Group as lenders in the refinancing transaction. The refinance was secured for a new 30-unit residential elevator building that is set to replace the prior debt held by S3 Capital.