Pinches Abowitz Secures $16.9 Million Refinance Loan From Popular Bank For Multifamily Asset
11-19 Foam Place
$16,900,000
$285/SF
Building Size
59,280 SF
Asset Type
MultiFamily
Closing
Feb 4, 2026
AI
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
Far Rockaway MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93