Updated Nov 4, 2023
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
$27,400,000
$426/SF
Building Size
64,322 SF
Asset Type
MultiFamily
Closing
Jul 6, 2023
About this deal
AI
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.
On the Map
$27,400,000
$426/SF
MultiFamily
View full map
Players
Stottville MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Joel Schwartz to view all their deals.
Browse Stottville multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.58%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93