Shlomo Karpen Secures $14.5 Million Refinance For Multifamily Building In Greenwood Heights
255 18th Street
$14,500,000
$362/SF
Building Size
40,000 SF
Asset Type
MultiFamily
Closing
Feb 27, 2026
AI
A multifamily asset located at 255 18th Street in Greenwood Heights, Brooklyn, consists of 36 residential units and has a total square footage of 40,000. The property has undergone refinancing, securing a substantial loan amounting to $14,500,000 through Valley National Bank.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $14,500,000
- Address: 255 18th Street
- Market: Greenwood Heights, Brooklyn
- Units: 36
- Square Footage: 40,000
- Lender: Valley National Bank
- Landlord: Shlomo Karpen
- Loan Type: Refinance
Shlomo Karpen, representing Eighteen Properties LLC, has successfully secured the refinancing for the property through Valley National Bank, enhancing the financial structure of the multifamily building while maintaining ownership of the asset.
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
1.09%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93