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:
- Property Type: Multifamily
- Transaction Amount: $850,000
- Address: 428 Van Brunt Street
- Market: Red Hook, Brooklyn
- Lender: Cross River Bank
- Landlord: Eliot Arazi
- Broker: Morris Dweck - KSR
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
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