Abraham Brach And Ezra Unger Secure $27 Million Refinance Loan For Multifamily Property In Williamsburg
427 Marcy Avenue
$27,000,000
$443/SF
Building Size
60,928 SF
Asset Type
MultiFamily
Closing
Dec 31, 2024
AI
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.
Players
Staten Island 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
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93