Updated Oct 29, 2024
Cross River Bank Provides $29M Refinance Loan For 75-Unit Multifamily Property In Brooklyn
1120 St Johns Place
$29,000,000
$508/SF
Building Size
57,067 SF
Asset Type
MultiFamily
Closing
Dec 2, 2022
About this deal
AI
The multifamily property located at 1120 St Johns Place in Brooklyn has recently undergone a loan transaction. The loan, amounting to $29,000,000, was provided by Cross River Bank for the purpose of refinancing.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $29,000,000
- Units: 75
- Lender: Cross River Bank
- Landlord: FBE limited - Abraham Fruchthandler & Shua Leib Fruchthandler
- Broker: Marvin Jeremias - Crossmark Capital
The deal was facilitated by Marvin Jeremias from Crossmark Capital, who represented the buyer in the transaction. The property is managed by FBE limited, owned by Abraham Fruchthandler and Shua Leib Fruchthandler.
On the Map
$29,000,000
$508/SF
MultiFamily
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Players
Brooklyn 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