Joel Landau Secures $155 Million Refinance Loan From Valley National Bank For Multifamily Asset In Brooklyn
270 Nostrand Avenue
$155,000,000
$378/SF
Building Size
410,000 SF
Asset Type
MultiFamily
Closing
Sep 27, 2024
AI
The property asset involved in this transaction is a multifamily building located at 270 Nostrand Avenue, Brooklyn. The asset encompasses a total square footage of 410,000 and comprises 320 residential units, with the transaction related to a refinance loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $155,000,000
- Loan Type: Refinance
- Lender: Valley National Bank
- Landlord: Joel Landau
- Brokers: Leah Paskus, Pinchas Vogel & Ernest Lefkowitz - Landstone Capital Group
- Loan Date: 09/27/2024
This transaction highlights the involvement of Valley National Bank as the lender and Joel Landau as the landlord. It was facilitated by the brokerage team consisting of Leah Paskus, Pinchas Vogel, and Ernest Lefkowitz from Landstone Capital Group.
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
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93