Cross River Provides $29M Refinance Loan For Brooklyn Multifamily Building
1120 Saint Johns Place
$29,000,000
$508/SF
Building Size
57,067 SF
Asset Type
MultiFamily
Closing
Dec 1, 2022
AI
The property at 1120 St. Johns Place is a 75-unit multifamily building located in Brooklyn, New York City. The building spans a total of 57,067 square feet, providing ample living space for the residents. The property is owned by FBE Limited, a company headed by Abraham Fruchthandler. The multifamily building aims to offer affordable housing units to the local community, addressing the need for affordable living options.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $29,000,000
- Lender: Cross River - Shimon Eisikowicz, EVP Chief Lending Officer & Josh Gurman, Director of CRE Underwriting & Processing
- Loan Type: Refinance
- Landlord: FBE Limited - Abraham Fruchthandler
Cross River, with Shimon Eisikowicz serving as EVP Chief Lending Officer and Josh Gurman as the Director of CRE Underwriting & Processing, provided the loan for the property's refinancing. The Commercial Real Estate team of Cross River recognized the opportunity to offer a creative financial solution in a challenging market. Furthermore, they remain committed to community improvement by supporting this deal, which aims to provide affordable housing options for Brooklyn families.
Players
New York City 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
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93