Updated Dec 4, 2024
Bank Leumi Provides $37M Loan For Williamsburg Multifamily Property At 222 Johnson Ave
222 Johnson Ave, Williamsburg, Brooklyn, NY, USA
$37,000,000
$303/SF
Building Size
122,000 SF
Asset Type
MultiFamily
Closing
Aug 3, 2021
About this deal
AI
Martin Nussbaum & David Schwartz secured a $37,000,000 loan for a multifamily property located at 222 Johnson Ave in Williamsburg, Brooklyn. The property spans approximately 122,000 square feet and consists of 116 residential units and 1 retail space.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $37,000,000
- Address: 222 Johnson Ave
- Market: Williamsburg, Brooklyn
- Asset Type: Multifamily
- Square Footage: 122,000
- Units: 116 Residential + 1 Retail
The loan was provided by Bank Leumi, an Israeli lender, to the property's landlord, Slate Property Group.
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
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93