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TF Cornerstone Refinances 798-Unit Complex At 595 Dean Street Brooklyn With PNC Bank Loan

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FINANCED
$448,300,000

New York

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MultiFamily
Financed 11/25/2024
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FINANCED

TF Cornerstone Refinances 798-Unit Complex At 595 Dean Street Brooklyn With PNC Bank Loan

595 Dean Street

See Similar Deals
MultiFamily
Financed 11/25/2024
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan

The property asset involved in the transaction is a multi-family rental complex located at 595 Dean Street in Prospect Heights, Brooklyn. It consists of 798 units and has undergone refinancing with a loan amount of $448,300,000. The refinance replaces existing debt of $385 million from Wells Fargo.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $448,300,000
  • Lender: Tara Suaya - PNC Bank
  • Landlord: Jeremy Shell - TF Cornerstone

The transaction highlights the involvement of Tara Suaya from PNC Bank, who provided the refinancing for the property, as well as Jeremy Shell representing TF Cornerstone, the landlord in the deal. This transaction reflects a strategic financing move by the landlord to enhance their asset management and financial positioning.

Players

BROKERAGE

PNC Bank
LENDER

Details

FINANCED
IMAGE: Frederick Elghanayan, Thomas Elghanayan & Jake Elghanayan DATE: 11/25/2024 ADDRESS: 595 Dean Street MARKET: Prospect Heights, Brooklyn ASSET TYPE: MultiFamily ~ UNITS: 798 LENDER: Tara Suaya - PNC Bank (@PNCBank) LANDLORD: Jeremy Shell - TF Cornerstone (@TFCornerstone) LOAN AMOUNT: $448,300,000 LOAN TYPE: Refinance NOTE: TF Cornerstone refinanced its 798-unit rental complex at 595 Dean Street in Prospect Heights, Brooklyn, with a $448.3M loan from PNC Bank, replacing $385M in prior Wells Fargo debt.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$448,300,000.00

Monthly NOI$2,988,666.67
Monthly Debt Service$2,833,560.95
Change in Cash Flow$0.00
Refinance Proceeds$0.00