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428 Van Brunt Street

Eliot Arazi Refinances Multifamily Property With $850K Loan From Cross River Bank
FINANCEDMultiFamily

Eliot Arazi Refinances Multifamily Property With $850K Loan From Cross River Bank

428 Van Brunt Street

$850,000

$312/SF

Building Size

2,724 SF

Asset Type

MultiFamily

Closing

Mar 15, 2024

AI

The multifamily property located at 428 Van Brunt Street in Red Hook, Brooklyn, spans 2,724 square feet. The property was refinanced for an amount of $850,000, with Cross River Bank providing the loan. The landlord of the property is Eliot Arazi, and the broker involved in the deal was Morris Dweck from KSR.

Summary of transaction details:

Morris Dweck from KSR represented the landlord, Eliot Arazi, in the refinancing transaction. The property's location in the Red Hook neighborhood of Brooklyn adds to its appeal, making it a valuable asset in the market.

Players

Morris Dweck

Kassin Sabbagh Realty

Broker

$382.3M

vol

32 deals

Broker
Cross River Bank
Cross River BankLender

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

18.66%

Cash-on-Cash

-5.33%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93