Updated Aug 3, 2026
Arm Management Secures $15 Million Refinance Loan From Bethpage Federal Credit Union For MultiFamily In Midwood
499 East 8th Street & 430 East 8th Street
$15,000,000
$90/SF
Building Size
88,500 SF
Asset Type
MultiFamily
Closing
Jul 22, 2026
About this deal
AI
The property asset involved in this transaction is a multi-family building located at 499 East 8th Street and 430 East 8th Street in the Midwood market. The asset encompasses 190,000 square feet and consists of 175 rent-stabilized units.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $15,000,000
- Lender: Bethpage Federal Credit Union
- Borrower: Arm Management
- Loan Type: Refinance
- Loan Terms: 5 Years, 2 Years of Interest-Only Payments, No Prepayment Penalty, Rate of 6%
The key individuals involved in the transaction are Judah Hammer, Shamir Seidman, Jeff Feldman, and Jack Hayes, who represented the borrower through their affiliation with CBRE. Their efforts included navigating a challenging market environment, characterized by a fixed interest rate and an open prepayment structure that serves as a strategic advantage for the sponsor.
On the Map
$15,000,000
$90/SF
MultiFamily
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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
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93