Cheskel Schwimmer Secures $41M Loan For Multifamily Property On Ocean Avenue

The multifamily property located at 1326 Ocean Avenue in Midwood has been involved in a recent loan transaction. The loan was provided by Valley National Bank, with a total amount of $41,000,000. The property spans a total of 90,820 square feet and consists of 116 residential units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $41,000,000
• Address: 1326 Ocean Avenue
• Market: Midwood

Cheskel Schwimmer, the landlord, was involved in the loan transaction.

This loan transaction signifies a significant financial investment in the Midwood multifamily property. Valley National Bank, under the leadership of Cheskel Schwimmer as the landlord, has provided substantial funding of $41,000,000 for the property's development or maintenance. This deal reflects the confidence in the market potential of the residential units, which amount to 116 within the 90,820 square feet of space.