CW Realty Secures $33.15M Construction Loan For DUMBO Multifamily Property

The property involved in this closed transaction is a multifamily building located at 251 Front Street in the DUMBO market. The building has a total square footage of 65,000 and consists of 58 units. The transaction took place on January 24, 2022.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $33,150,000
• Address: 251 Front Street
• Market: DUMBO
• Square Footage: 65,000
• Number of Units: 58

The lender for this deal was Bank Hapoalim, represented by David Kesselman. The landlord was CW Realty, represented by Cheskie Weisz. The brokers involved in the transaction were Leah Paskes and Pinchas Vogel from Landstone Capital.

The loan amount for this transaction was $33,150,000, and it was a construction loan with a 4.25% interest rate. It is important to note that the building is currently topped out and 60% completed. The plan is to bring the property to the market in June.