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Abraham Brach And Ezra Unger Secure $27 Million Refinance Loan For Multifamily Property In Williamsburg
FINANCED
$27,000,000
New York
See Similar DealsMultiFamily60,928 SF
Financed 12/31/2024
FINANCED
Abraham Brach And Ezra Unger Secure $27 Million Refinance Loan For Multifamily Property In Williamsburg
427 Marcy Avenue
See Similar DealsMultiFamily60,928 SF
Financed 12/31/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$443
Total Square Footage:60,928 SF
Transaction Type:Loan
A refinancing loan of $27,000,000 was secured for a 24-unit residential building located at 427 Marcy Avenue in Williamsburg, Brooklyn. The property consists of a total square footage of 60,928 and is categorized as a multifamily asset.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $27,000,000
- Lender: Anthony Tufariello & Joseph McDonnell - Cirrus Real Estate Partners
- Landlord: Abraham Brach & Ezra Unger
- Asset Address: 427 Marcy Avenue
- Market: Williamsburg, Brooklyn
- Loan Type: Refinance
Abraham Brach and Ezra Unger, through 425 Marcy Avenue LLC, resolved a 2023 bankruptcy case with this refinancing loan, highlighting their continued investment in the property through financial restructuring.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$27,000,000.00
Monthly NOI$180,000.00
Monthly Debt Service$170,658.37
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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