Joshua Pollack Of FM Capital Secures $15.6 Million Loan For Brooklyn Multifamily Acquisition

The property involved in this transaction is a multifamily asset located at 3004 Avenue R and 1865 Burnett Street in Brooklyn. It encompasses a total square footage of 97,300 and consists of 144 units. The loan amount secured for this acquisition is $15,600,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $15,600,000
• Loan Type: Acquisition
• Lender's Representative: Joshua Pollack - FM Capital
• Pre-Pay Penalty Rate: 3-1-1
• Loan Term: 3 years

The borrower was seeking a short-term solution, which led to the structuring of a loan designed to meet their needs within a three-year timeframe. The details of the deal are represented by Joshua Pollack from FM Capital, who facilitated the loan agreement.