A 16-unit multifamily building in Crown Heights, located at 516 Eastern Pkwy, has undergone a successful refinance transaction. The property spans approximately 18,200 square feet and offers a multifamily layout.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $2,825,000
• Market: Crown Heights, Brooklyn
• Loan Type: Refinance
• Loan Terms: 10-year fixed, 65% LTV, 3.58% Interest Rate

The loan for the transaction was provided by Chase Bank. Ryan Walker serves as the landlord for the property. B6 Real Estate Advisors, represented by DJ Johnston, Lynn Marcello, and Nicole Schmidt, acted as the brokers in the deal.

B6’s Capital Advisory Team facilitated the refinance on behalf of their client. After a three-week marketing and negotiation period, the client opted for a 10-year fixed-rate bank loan with a non-recourse feature. The loan also included a two-year interest-only period to increase cash flow during the initial years. This long-term fixed-rate debt, combined with the affordability discount, offers protection from market volatility over the next decade.

If you're interested in financing options for your own property or portfolio, you can reach out to the B6 Capital Advisory team at [email protected] or call DJ Johnston at 914-584-7422.