Updated Oct 29, 2024
Deutsche Bank Provides $190M Refinance Loan For Williamsburg Multifamily Property
251 Wallabout St Brooklyn, NY 11206, USA
$190,000,000
$366/SF
Building Size
518,257 SF
Asset Type
MultiFamily
Closing
Jun 7, 2023
About this deal
AI
A $190,000,000 loan has been secured for the property located at 251-269 Wallabout Street & 34-58 Union Avenue in Williamsburg, Brooklyn. The asset is a multifamily property with a total square footage of 518,257 and consists of 234 units. The loan was provided by Deutsche Bank for the purpose of refinancing.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $190,000,000
- Address: 251-269 Wallabout Street & 34-58 Union Avenue, Williamsburg, Brooklyn
- Market: Williamsburg, Brooklyn
- Square Footage: 518,257
- Units: 234
Henry Bodek, representing the landlord, and Vault Real Estate Group, acting as the lender's representative, were involved in the loan transaction.
Players
New York 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
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93