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

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FINANCED
$42,600,000

New York

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MultiFamily67,500 SF
Financed 04/04/2023
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Property Image
FINANCED

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

251 Front Street

See Similar Deals
MultiFamily67,500 SF
Financed 04/04/2023
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$631
Total Square Footage:67,500 SF
Transaction Type:Loan

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
35 deals$3.6B volume
BROKER

Pinchas Vogel
Landstone Capital Group
28 deals$2.2B volume
BROKER

Cheskie Weisz
CW Realty
17 deals$496.8M volume
LANDLORD

Details

FINANCED
IMAGE: Jeff Putchin, Cheskie Weisz & Pinchas Vogel DATE: 04/04/2023 ADDRESS: 251 Front Street MARKET: Dumbo ASSET TYPE: Multifamily ~ SF: 67,500 ~ UNITS: 58 LANDLORD: CW Realty (@CWRealtyGroupNY) - Cheskie Weisz LENDER: Valley National Bank (@ValleyBank) - Jeff Putchin BROKERS: Leah Paskus & Pinchas Vogel LOAN AMOUNT: $42,600,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$42,600,000.00

Monthly NOI$284,000.00
Monthly Debt Service$269,260.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00