Updated Jun 18, 2025
Brookfield Asset Management And Tredway Secure $59.8 Million Refinance Loan From Freddie Mac
3385 Neptune Avenue & 3521 Neptune Avenue
$59,800,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 4, 2025
About this deal
AI
The asset involved in this transaction consists of multifamily properties located at 3385 Neptune Avenue and 3521 Neptune Avenue in the Coney Island market of Brooklyn. The total loan amount secured for these properties is $59,800,000, classified as a refinance loan.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $59,800,000
- Lender: Freddie Mac
- Landlord: Bruce Flatt - Brookfield Asset Management & Will Blodgett - Tredway
Both Bruce Flatt and Will Blodgett have acquired stakes in the two Pembroke-owned Coney Island rentals, facilitating the refinance loans from Freddie Mac as part of this transaction.
On the Map
$59,800,000
MultiFamily
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Players
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
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93