Moishe Loketch, Pinny Loketch, Joel Wertzberger, Allan Lebovitz Landlords Secure $173M Bridge Loan In Williamsburg
28 Boerum Street
$173,000,000
$694/SF
Building Size
249,210 SF
Asset Type
MultiFamily
Closing
Jul 25, 2024
AI
The property involved in this transaction is a multifamily asset located at 28 Boerum Street in Williamsburg, Brooklyn. It encompasses a total area of 249,210 square feet and comprises 270 units, with a loan amount of $173,000,000 secured through a bridge loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $173,000,000
- Address: 28 Boerum Street
- Market: Williamsburg, Brooklyn
- Asset Square Footage: 249,210
- Units: 270
- Lender: Kunal Doshi & Doug Bouquard - TPG Real Estate Credit
- Landlord: Moishe Loketch, Pinny Loketch, Joel Wertzberger & Allan Lebovitz - The Loketch Group, The Joyland Group & Meral Property Group
- Brokers: Aaron Niedermayer & Ethan Stanton - JLL
The key individuals and organizations involved in this transaction include lenders Kunal Doshi and Doug Bouquard from TPG Real Estate Credit. The landlord group consists of Moishe Loketch, Pinny Loketch, Joel Wertzberger, and Allan Lebovitz, representing The Loketch Group, The Joyland Group, and Meral Property Group. The deal was brokered by Aaron Niedermayer and Ethan Stanton from JLL.
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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93