John A. Catsimatidis Of Red Apple Group Refinances Multifamily Property In Prospect Heights For $38.1M
670 Pacific Street
$38,100,000
$454/SF
Building Size
83,828 SF
Asset Type
MultiFamily
Closing
May 21, 2025
AI
A multifamily residential building located at 670 Pacific Street, Prospect Heights, Brooklyn, features a total of 86 units and encompasses a square footage of 83,828. The property has been refinanced with a loan amounting to $38.1 million, which effectively replaces a previous $49.5 million loan from the same lender.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $38,100,000
- Address: 670 Pacific Street
- Market: Prospect Heights, Brooklyn
- Lender: M&T Bank
- Landlord: John A. Catsimatidis - Red Apple Group
- Units: 86
- Square Footage: 83,828
- Previous Loan Amount: $49,500,000
- Loan Type: Acquisition
The refinancing deal involves John A. Catsimatidis, representing Red Apple Group, securing the new loan from M&T Bank, showcasing the ongoing relationship between the lender and the landlord in their financial transactions.
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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93