facebook

traded

+ Submit
Home

/

Deals

/

New York

/

Multifamily

/

Loan

/

1120 Saint Johns Place

Cross River Provides $29M Refinance Loan For Brooklyn Multifamily Building
FINANCEDMultiFamily

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

Marvin Jeremias

Crossmark Capital

Broker

$983.6M

vol

12 deals

Broker
Cross River Bank
Cross River BankLender

Abraham Fruchthandler

FBE Limited

Landlord

$256.1M

vol

7 deals

Landlord

New York City MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

Loading comparables…

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