Updated Dec 4, 2024
Bruman Realty Secures $16.7M Financing For Wythe Ave. Multifamily Project
296 Wythe Avenue
$16,700,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 10, 2023
About this deal
AI
The multi-family property located at 296 Wythe Avenue in Williamsburg, Brooklyn has secured $16.7 million in gap financing from Deutsche Bank. The loan will support the development project for the property.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $16,700,000
- Address: 296 Wythe Avenue
- Market: Williamsburg, Brooklyn
The loan was obtained by Brooklyn developer Bruman Realty, represented by Abe Mandel, the landlord. This financing from Deutsche Bank will provide the necessary capital for the development of the multi-family property at 296 Wythe Ave. in Brooklyn.
On the Map
$16,700,000
MultiFamily
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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
0.95%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93