Updated Oct 7, 2026
Pine Management Secures $5 Million Loan From Santander Bank For 60-Unit Building In Boerum Hill
404 State Street
$5,000,000
$171/SF
Building Size
29,214 SF
Asset Type
MultiFamily
Closing
Sep 24, 2026
About this deal
AI
The asset involved in this transaction is a multi-family residential building located at 404 State Street in Boerum Hill, Brooklyn. The property encompasses a total square footage of 29,214 and contains 60 units.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $5,000,000
- Address: 404 State Street
- Market: Boerum Hill, Brooklyn
- Lender: Santander Bank
- Landlord: Brenda Rohlman - Pine Management
Pine Management, through The State House I LLC, was responsible for securing the loan from Santander Bank for this residential building transaction.
On the Map
$5,000,000
$171/SF
MultiFamily
View full map
Players
Stet MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Browse Stet multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93