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

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.