IceCap Group Provides $1.59M Cash-Out Refinance Loan For Multifamily Building In Stuyvesant Heights, Brooklyn

The multifamily property located at 516 Putnam Avenue in Stuyvesant Heights, Brooklyn has undergone a refinancing transaction. The property, owned by Adam Rac, was refinanced for a loan amount of $1,590,000. The loan terms include a fixed interest rate of 7.5% for a 30-year loan term. This transaction is categorized as a cash-out refinance with minimal documentation requirements.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,590,000
• Market: Stuyvesant Heights, Brooklyn
• Lender: IceCap Group - Tameer Orevi
• Landlord: Adam Rac
• Loan Type: Refinance
• Loan Terms: 7.5% (fixed), 30-year loan term, minimal doc, cash-out refinance

Tameer Orevi from IceCap Group acted as the lender's representative in this refinancing deal. Adam Rac, the owner of the property, initiated this refinance to leverage the property's value. With a cash-out refinance, Rac can access additional funds while benefiting from a lower interest rate of 7.5% on a 30-year loan term. This transaction allows Rac to optimize the property's financial potential.