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Bank Of Princeton Grants $31M Loan For 69-Unit Apartment Property In Williamsburg, Brooklyn
FINANCED
$31,000,000
New York
See Similar DealsMultiFamily
Financed 09/27/2023
FINANCED
Bank Of Princeton Grants $31M Loan For 69-Unit Apartment Property In Williamsburg, Brooklyn
280 Meeker Avenue
See Similar DealsMultiFamily
Financed 09/27/2023
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$31,000,000.00
Monthly NOI$206,666.67
Monthly Debt Service$195,941.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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