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Pinches Abowitz Secures $16.9 Million Refinance Loan From Popular Bank For Multifamily Asset

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FINANCED
$16,900,000

New York

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MultiFamily59,280 SF
Financed
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Property Image
FINANCED

Pinches Abowitz Secures $16.9 Million Refinance Loan From Popular Bank For Multifamily Asset

11-19 Foam Place

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MultiFamily59,280 SF
Financed
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$285
Total Square Footage:59280 SF
Transaction Type:Loan

The property asset involved in the transaction is a multifamily residential building located at 11-19 Foam Place in Far Rockaway, Queens. The asset has a total square footage of 59,280 and comprises 68 units. The loan amount secured for this refinance transaction is $16,900,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $16,900,000
  • Address: 11-19 Foam Place
  • Market: Far Rockaway, Queens
  • Units: 68
  • Asset Square Footage: 59,280
  • Lender: Popular Bank
  • Landlord: Pinches Abowitz
  • Loan Type: Refinance

Pinches Abowitz, acting through Foam Place Holdings LLC, managed the refinancing process and replaced a prior loan of $12.6 million with the new financing from Popular Bank for the residential elevator building.

Players

Popular Bank
Popular Bank
LENDER

Details

FINANCED
IMAGE: 02/04/2026 ADDRESS: 11-19 Foam Place MARKET: Far Rockaway, Queens ASSET TYPE: Multifamily ~ SF: 59,280 ~ UNITS: 68 LENDER: Popular Bank LANDLORD: Pinches Abowitz LOAN AMOUNT: $16,900,000 LOAN TYPE: Refinance NOTE: Pinches Abowitz, through Foam Place Holdings LLC, secured a $16.9 million refinancing from Popular Bank for the 68-unit residential elevator building at 11-19 Foam Place, replacing a prior $12.6 million loan from the same lender.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$16,900,000.00

Monthly NOI$112,666.67
Monthly Debt Service$106,819.50
Change in Cash Flow$0.00
Refinance Proceeds$0.00