Updated Apr 6, 2026
Joel Schwartz Secures $24M Refinance From Provident Bank For Multifamily Property In East New York
360 Shepherd Avenue
$24,000,000
$466/SF
Building Size
51,405 SF
Asset Type
MultiFamily
Closing
Mar 17, 2026
About this deal
AI
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.
On the Map
$24,000,000
$466/SF
MultiFamily
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Brooklyn MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93