Arm Management Secures $15 Million Refinance Loan From Bethpage Federal Credit Union For MultiFamily In Midwood

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.