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Joel Schwartz Secures $24M Refinance From Provident Bank For Multifamily Property In East New York
FINANCED
$24,000,000
New York
See Similar DealsMultiFamily51,405 SF
Financed 03/17/2026
FINANCED
Joel Schwartz Secures $24M Refinance From Provident Bank For Multifamily Property In East New York
360 Shepherd Avenue
See Similar DealsMultiFamily51,405 SF
Financed 03/17/2026
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$466
Total Square Footage:51,405 SF
Transaction Type:Loan
A refinance transaction was executed for a multifamily asset located at 360 Shepherd Avenue in East New York, Brooklyn. The property encompasses a total area of 51,405 square feet and consists of 53 residential units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $24,000,000
- Address: 360 Shepherd Avenue
- Market: East New York, Brooklyn
- Lender: Provident Bank
- Landlord: Joel Schwartz
- Loan Type: Refinance
- Closing Date: March 17, 2026
Joel Schwartz, through 362 Shepherd Development LLC, was responsible for securing the refinancing arrangement with Provident Bank for the aforementioned residential building.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,000,000.00
Monthly NOI$160,000.00
Monthly Debt Service$151,696.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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