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
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.
Players
Long Beach 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
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93