Updated Feb 5, 2025
LMF Commercial (A Lennar Co.) Provides $10M Refinance Loan For Multifamily Property In Midwood
1532 Ocean Avenue, Brooklyn, NY 11230, USA
$10,000,000
$175/SF
Building Size
56,950 SF
Asset Type
MultiFamily
Closing
Aug 9, 2021
About this deal
AI
Located in the Midwood market, the property at 1532 & 1609 Ocean Avenue is a multifamily asset spanning 56,950 square feet and comprising 75 units. The transaction, which took place on 8th September 2021, involved a refinancing loan.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $10,000,000
- Loan Type: Refinance
- Loan Terms: CMBS: 10-yr fixed, full term IO
- Lender: LMF Commercial (A lennar'>lennar'>lennar'>Lennar Co.) - Nihad Choudhury
- Broker: Isaac Sternhill - IS Realty LLC
The financing for this transaction was provided by LMF Commercial, a subsidiary of lennar'>lennar'>lennar'>Lennar Corporation. Nihad Choudhury, representing LMF Commercial, facilitated the loan. On the other side of the deal, Isaac Sternhill of IS Realty LLC served as the broker.
On the Map
$10,000,000
$175/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
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93