Bruman Realty Secures $65.9M Construction Loan For Astoria Multifamily Property
26-25 4th Street, Astoria, NY 11102, USA
$65,900,000
$2,145/SF
Building Size
30,721 SF
Asset Type
MultiFamily
Closing
Sep 23, 2021
AI
The property involved in this transaction is a multifamily asset located at 26-25 4th Street in Astoria. It consists of 165 units and is owned by Bruman Realty, represented by Joseph Brunner and Abe Mandel. The loan for this transaction was provided by SCALE Lending in the form of a construction loan with an amount of $65,900,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $65,900,000
- Address: 26-25 4th Street, Astoria
- Market: Astoria
- Units: 165
- Lender: SCALE Lending
- Landlord: Bruman Realty - Joseph Brunner & Abe Mandel
Martin Nussbaum and David Schwartz were involved in this transaction as indicated by the provided image. They may represent either the buyer, seller, landlord, or tenant in this deal.
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
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93