Updated Dec 4, 2024
Brodsky Organization Secures $415M Refinance Deal With M&T Bank In Prospect Heights
18 6th Avenue
$415,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Apr 1, 2024
About this deal
AI
The residential portion of the Prospect Heights project at 18 Sixth Avenue, located in Prospect Heights, Brooklyn, secured a $415 million refinancing deal. The loan was provided by M&T Bank for the 51-story residential tower near the Barclays Center.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $415,000,000
- Lender: M&T Bank
- Landlord: Daniel Brodsky - Brodsky Organization
The Brodsky Organization, led by Daniel Brodsky, successfully closed the refinancing deal with M&T Bank for the residential portion of the Prospect Heights project at 18 Sixth Avenue.
On the Map
$415,000,000
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93