Self Reliance Federal Credit Union Provides $5,850,000 Refinance Loan For Brooklyn Multifamily Asset

The asset involved in this transaction is a Class A multifamily property located at 477 Central Avenue in Brooklyn. A loan amount of $5,850,000 was secured for refinancing purposes. This property was completed recently and represents a multifamily asset within the New York City market. The transaction was executed prior to Certificate of Occupancy (C/O) and before the property achieved full occupancy, facilitating an efficient transition into permanent financing.

Summary of transation details:

• Property Type: MultiFamily
• Transaction Amount: $5,850,000
• Lender: Self Reliance Federal Credit Union
• Loan Type: Refinance
• Brokers: Brian Flax, Dovi Levy & Jason Bogopulsky - Meridian Capital Group

This deal highlights the efforts of Brian Flax, Dovi Levy, and Jason Bogopulsky, who represented the transaction through Meridian Capital Group. The brokers successfully secured competitive permanent financing for a first-time developer, enabling meaningful cash-out proceeds while also reducing the cost of debt. This financing arrangement is instrumental in allowing the borrower to expand their development footprint across the city.