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251 Front Street

CW Realty Refinances Multifamily Property In Dumbo With $42.6M Loan From Valley National Bank
FINANCEDMultiFamily

CW Realty Refinances Multifamily Property In Dumbo With $42.6M Loan From Valley National Bank

251 Front Street

$42,600,000

$631/SF

Building Size

67,500 SF

Asset Type

MultiFamily

Closing

Apr 4, 2023

AI

The Multifamily property located at 251 Front Street in the Dumbo market has recently undergone a refinancing transaction. The property spans approximately 67,500 square feet and consists of 58 units. CW Realty, represented by Cheskie Weisz, is the landlord of this property. The loan was provided by Valley National Bank, with Jeff Putchin serving as the lender's representative. Leah Paskus and Pinchas Vogel, broker representatives, facilitated the deal.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $42,600,000
  • Square Footage: 67,500
  • Units: 58
  • Landlord: CW Realty - Cheskie Weisz
  • Lender: Valley National Bank - Jeff Putchin
  • Brokers: Leah Paskus & Pinchas Vogel
  • Loan Type: Refinance

The individuals and companies involved in this transaction include Cheskie Weisz representing CW Realty as the landlord, and Jeff Putchin representing Valley National Bank as the lender. Leah Paskus and Pinchas Vogel acted as brokers to facilitate the deal. This refinancing transaction brings new financial opportunities to the property located at 251 Front Street in Dumbo.

Players

Leah Paskus

Landstone Capital Group

Broker

$3.6B

vol

36 deals

Broker
Cheskie Weisz

Cheskie Weisz

CW Realty

Landlord

$496.8M

vol

18 deals

Landlord

Market MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.37%

Cash-on-Cash

-0.11%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93