Peter Hungerford, David Kaye & Joe Listhaus Secure $66M Loan For 14 Building Multifamily Portfolio

A 14-building multifamily portfolio located in Brooklyn and Upper Manhattan consists of 726 units, primarily rent-stabilized, and is 97% occupied. The portfolio is reported to be in excellent condition, and it is being financed with a non-recourse loan of $66 million. The loan features a 70% loan-to-value ratio and includes two years of interest-only payments with flexible extension options.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $66,000,000
• Lender: BridgeInvest
• Landlord: Peter Hungerford, David Kaye & Joe Listhaus
• Broker: Brian Flax - Meridian Capital Group
• Units: 726

The financing was arranged by Meridian Capital Group, led by Executive Vice President Brian Flax along with Senior Managing Director Morris Betesh. The sponsors, Peter Hungerford of PH Realty and David Kaye of Rockledge, plan to leverage their operational expertise to enhance the portfolio's management.