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Bruman Realty Secures $16.7M Financing For Wythe Ave. Multifamily Project
FINANCED
$16,700,000
New York
See Similar DealsMultiFamily
Financed 10/10/2023
FINANCED
Bruman Realty Secures $16.7M Financing For Wythe Ave. Multifamily Project
296 Wythe Avenue
See Similar DealsMultiFamily
Financed 10/10/2023
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,700,000.00
Monthly NOI$111,333.33
Monthly Debt Service$105,555.36
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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