Updated Mar 11, 2025
Bank Of Princeton Grants $31M Loan For 69-Unit Apartment Property In Williamsburg, Brooklyn
280 Meeker Avenue
$31,000,000
Units
69
Asset Type
MultiFamily
Closing
Sep 27, 2023
About this deal
AI
The Bank of Princeton has granted a $31 million loan for The Vertex, a 69-unit apartment property located at 280 Meeker Avenue in East Williamsburg, Brooklyn. The property is a multifamily asset with a total of 69 units. The loan will be used to support the development and operation of the property.
Summary of transaction details
- Property Type: Multifamily
- Loan Amount: $31,000,000
- Address: 280 Meeker Avenue
- Market: Williamsburg, Brooklyn
- Units: 69
- Lender: Bank of Princeton
- Landlord: CW Realty - Cheskie Weisz
The Vertex is owned by CW Realty, represented by Cheskie Weisz. The loan provided by the Bank of Princeton will facilitate the continued development and operation of this multifamily property. This transaction highlights the collaboration between the lender and the landlord to support the growth and success of The Vertex.
On the Map
$31,000,000
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93