Updated Oct 29, 2024
LCOR Refinances 142-Unit Multifamily Building In Williamsburg With $33.8M Loan From KeyBank
34 Berry St Brooklyn, NY 11249, USA
$33,800,000
$226/SF
Building Size
149,425 SF
Asset Type
MultiFamily
Closing
Apr 27, 2023
About this deal
AI
A 142-unit residential elevator building in Williamsburg, Brooklyn has been refinanced by LCOR with a $33.8 million loan from KeyBank, according to public records. The property is located at 34 Berry Street and spans a total of 149,425 square feet.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $33,800,000
- Address: 34 Berry Street
- Market: Williamsburg, Brooklyn
- Units: 142
- Square Feet: 149,425
Kelly Blodgett from KeyBank facilitated the loan transaction as the lender's representative. LCOR, represented by Jacob Albano, is the landlord of the property. The prior lender was Northwestern Mutual Life Insurance, and the original loan amount was $31 million.
New York 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
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93