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LCOR Refinances 142-Unit Multifamily Building In Williamsburg With $33.8M Loan From KeyBank

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FINANCED
$33,800,000

New York

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MultiFamily149,425 SF
Financed 04/27/2023
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FINANCED

LCOR Refinances 142-Unit Multifamily Building In Williamsburg With $33.8M Loan From KeyBank

34 Berry St Brooklyn, NY 11249, USA

See Similar Deals
MultiFamily149,425 SF
Financed 04/27/2023
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$226
Total Square Footage:149,425 SF
Transaction Type:Loan

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.

Players

KeyBank
KeyBank
LENDER
L
LCOR
LANDLORD

Details

FINANCED
IMAGE: Jacob Albano DATE: 04/28/2023 ADDRESS: 34 Berry Street MARKET: Williamsburg, Brooklyn ASSET TYPE: Multifamily ~ UNITS: 142 ~ SF: 149,425 LENDER: KeyBank - Kelly Blodgett LANDLORD: LCOR - Jacob Albano LOAN AMOUNT: $33,800,000 LOAN TYPE: Refinance NOTE: LCOR refinanced its 142-unit residential elevator building in Williamsburg, Brooklyn with a $33.8 million loan from KeyBank, according to public records. The deal closed on April 28, 2023 and was recorded on May 3, 2023, with the prior lender being Northwestern Mutual Life Insurance, which held debt with an original loan amount of $31 million.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$33,800,000.00

Monthly NOI$225,333.33
Monthly Debt Service$213,638.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00