Updated Dec 4, 2024
B2K Development & Harrison Street Refinance Multifamily Tower In Long Beach For $150M
180 East Boardwalk
$150,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 17, 2024
About this deal
AI
The multifamily tower located at 180 East Boardwalk in Long Beach, N.Y., was the subject of a refinancing deal. Steven Krieger, Esq of B2K Development and Christopher Merrill of Harrison Street are the landlords involved in this transaction. The loan amount secured for this deal was $150,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $150,000,000
- Address: 180 East Boardwalk
- Market: Long Beach
- Loan Type: Refinance
- BROKERS: Aaron Appel, Adam Schwartz, Jonathan Schwartz, Keith Kurland, Michael Ianno, William Herring - Walker & Dunlop
The financing was a joint venture between B2K Development and Harrison Street. The team involved in securing the loan included a group of well-experienced professionals such as Aaron Appel, Adam Schwartz, Jonathan Schwartz, Keith Kurland, Michael Ianno, William Herring, and the legal expertise of Steven Krieger, Esq.
On the Map
$150,000,000
MultiFamily
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Players
Long Beach MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93