Updated Jun 10, 2025
Neil Einhorn Secures $58 Million Refinance Loan From Bank Of Montreal For Crown Heights Multifamily
1499 Bedford Avenue
$58,000,000
Units
58
Asset Type
MultiFamily
Closing
Apr 30, 2025
About this deal
AI
The asset involved in this transaction is a multifamily residential building located at 1499 Bedford Avenue in Crown Heights, Brooklyn. The property contains 58 units and is associated with a refinance loan transaction amounting to $58 million, which was secured by the landlord.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $58,000,000
- Address: 1499 Bedford Avenue
- Market: Crown Heights, Brooklyn
- Lender: Bank of Montreal (BOM)
- Landlord: Neil Einhorn
- Loan Type: Refinance
Neil Einhorn, through 1499 Bedford LLC, facilitated the refinancing process with Bank of Montreal to enhance the financial structure of the building. This transaction reflects a significant financing initiative within the Brooklyn multifamily market.
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
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93