Updated Oct 29, 2024
Wavecrest Management Secures $31.7M Refinance Loan For Lefferts Heights Multifamily In Brooklyn
128 Lefferts Place
$31,700,000
Units
87
Asset Type
MultiFamily
Closing
Jul 14, 2023
About this deal
AI
Wavecrest Management has secured a $31.7 million loan from the U.S. Department of Housing and Urban Development/Federal Housing Administration (HUD/FHA) to refinance Lefferts Heights, an 87-unit affordable multifamily community in Brooklyn's Clinton Hill. The property is located at 128 Lefferts Place and is a MultiFamily asset consisting of 87 units. The loan was facilitated by Joshua Reiss from Wavecrest Management. The lender for this transaction is Joshua Reiss, representing the U.S. Department of Housing and Urban Development/Federal Housing Administration (HUD/FHA).
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $31,700,000
- Address: 128 Lefferts Place
- Market: New York City
Joshua Reiss from Wavecrest Management played a crucial role in securing the loan for the refinance of Lefferts Heights. This transaction highlights Wavecrest Management's commitment to providing affordable housing in the Clinton Hill neighborhood of Brooklyn.
Players
New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93