Updated Oct 29, 2024
Bushburg Properties Secures $16.5M Refinance Loan For East Williamsburg Multifamily Properties
1087 Flushing Avenue Brooklyn, New York 11237, USA & 125 Knickerbocker Avenue
$16,500,000
$82/SF
Building Size
99,532 SF
Asset Type
MultiFamily
Closing
Jun 28, 2023
About this deal
AI
Bushburg Properties has secured a refinance loan valued at $16.5 million from Cross River Bank for two properties in East Williamsburg, Brooklyn. The properties include a 45-unit residential elevator building at 1087 Flushing Avenue and a 15-unit property at 125 Knickerbocker Avenue, totaling 99,532 square feet of built space.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $16,500,000
- Loan Type: Refinance
- Market: East Williamsburg, Brooklyn
- Address: 1087 Flushing Avenue & 125 Knickerbocker Avenue
The loan for the properties was provided by Cross River Bank. The lender's representative for this transaction is Allan J. Weiss. The landlord, Bushburg Properties, was represented by Abraham J. Hoffman.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93