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180 East Boardwalk

B2K Development & Harrison Street Refinance Multifamily Tower In Long Beach For $150M
FINANCEDMultiFamily

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:

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

Aaron Appel

Walker & Dunlop

Broker

$32.9B

vol

196 deals

Broker

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