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Joel Schwartz's 2815 Atlantic Holdings LLC Refinances 68-Unit Residential Building In Cypress Hills, Brooklyn For $27.4M With Cathay Bank
FINANCED
$27,400,000
New York
See Similar DealsMultiFamily64,322 SF
Financed 07/06/2023
FINANCED
Joel Schwartz's 2815 Atlantic Holdings LLC Refinances 68-Unit Residential Building In Cypress Hills, Brooklyn For $27.4M With Cathay Bank
2817 Atlantic Avenue Brooklyn, New York 11207, USA
See Similar DealsMultiFamily64,322 SF
Financed 07/06/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$426
Total Square Footage:64,322 SF
Transaction Type:Loan
Joel Schwartz's 2815 Atlantic Holdings LLC has secured a refinancing loan worth $27.4 million from Cathay Bank for the 68-unit residential elevator building located at 2817 Atlantic Avenue in Cypress Hills, Brooklyn. This multi-family property spans 64,322 square feet and is situated in the vibrant market of Cypress Hills, Brooklyn.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $27,440,000
- Address: 2817 Atlantic Avenue
- Market: Cypress Hills, Brooklyn
- Lender: Cathay Bank
- Lender Representatives: Peggy Chan & Jacky Yuan
- Landlord: Joel Schwartz
Cathay Bank, represented by Peggy Chan and Jacky Yuan, facilitated the refinance loan for 2815 Atlantic Holdings LLC. The loan allows Joel Schwartz and his company to continue investing in and managing the 68-unit residential elevator building in Cypress Hills, Brooklyn.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$27,400,000.00
Monthly NOI$182,666.67
Monthly Debt Service$173,186.64
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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