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.
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
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93