Kearny Bank Provides $22.3M Refinance Loan For Multifamily Properties In Brooklyn

The multifamily property located at 1171-1173 Greene Ave., 740 Dekalb Ave., and 730 Franklin Ave. in Brooklyn has been involved in a recent loan transaction. The property spans approximately 59,000 square feet and falls under the multifamily asset type.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $22,325,000
• Loan Type: Refinance
• Loan Terms: 5 Year Term @ 3%, Interest-Only 3 Years, non-recourse, 65% LTV

Kearny Bank served as the lender in this transaction, providing a loan amount of $22,325,000. The loan type is a refinance, with terms set at a 5-year term and an interest rate of 3%. The loan will be interest-only for the first 3 years and carries a non-recourse characteristic. The loan-to-value ratio stands at 65%.

The landlord for this property is Avdoo & Partners, who worked with brokers Jonathan Aghravi, Tim Cox, and Eli Terry of JBA Equities LLC to facilitate the loan transaction.