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Bushburg Properties Secures $16.5M Refinance Loan For East Williamsburg Multifamily Properties
FINANCED
$16,500,000
New York
See Similar DealsMultiFamily199,064 SF
Financed 06/28/2023
FINANCED
Bushburg Properties Secures $16.5M Refinance Loan For East Williamsburg Multifamily Properties
1087 Flushing Avenue Brooklyn, New York 11237, USA & 125 Knickerbocker Avenue
See Similar DealsMultiFamily199,064 SF
Financed 06/28/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$82
Total Square Footage:199,064 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,500,000.00
Monthly NOI$110,000.00
Monthly Debt Service$104,291.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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