Updated Sep 11, 2026
Ranco Capital Secures $17.7M Refinance Loan For Multifamily Building In Midwood, Brooklyn
2045 Ocean Avenue
$17,700,000
$521/SF
Building Size
33,913 SF
Asset Type
MultiFamily
Closing
Nov 20, 2023
About this deal
AI
Ranco Capital, represented by the entity 2045 Ocean Ave LLC, secured a refinancing loan valued at $17.7 million from Webster Bank for their 50-unit residential building located at 2045 Ocean Avenue in Midwood, Brooklyn. The multifamily property spans a total of 33,913 square feet and consists of 50 individual units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $17,700,000
- Market: Midwood, Brooklyn
- Address: 2045 Ocean Avenue
- Square Footage: 33,913
- Number of Units: 50
- Lender: Mary King - Webster Bank
- Landlord: Max Salamon - Ranco Capital
Max Salamon, acting as the landlord for Ranco Capital, collaborated with Mary King from Webster Bank to execute the refinancing loan. Webster Bank provided the necessary funds, amounting to $17.7 million, to support the transaction.
On the Map
$17,700,000
$521/SF
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.90%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93