Updated May 12, 2025
Bruce Ratner Family Refinances Williamsburg Multifamily Property At 224 Wythe Avenue For $10.1M
224 Wythe Avenue
$10,100,000
Units
20
Asset Type
MultiFamily
Closing
May 1, 2025
About this deal
AI
The property asset involved in this transaction is a 20-unit multifamily building located at 224 Wythe Avenue in Williamsburg, Brooklyn. The property has undergone a refinancing process, transitioning from prior debt of $10.5 million from Blackstone to a new loan amount of $10.1 million secured through Cathay Bank.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $10,100,000
- Date: 05/01/2025
- Lender: Cathay Bank
- Landlord: The Bruce Ratner Family
The refinancing was conducted through Olive Partners, LLC, representing The Bruce Ratner Family, which highlights the strategic financial management regarding the property's existing debt obligations.
On the Map
$10,100,000
MultiFamily
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Players
Brooklyn 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
1.57%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93