Updated May 12, 2025
Southern Brooklyn Community Organization Secures $26.8M Refinance Loan From Lument For Multifamily Properties
680 Ocean Parkway, 1006 44th Street & 1017 44th Street
$26,800,000
Building Size
—
Asset Type
MultiFamily
Closing
Apr 17, 2025
About this deal
AI
The transaction involves refinancing a multifamily asset located at 680 Ocean Parkway, 1006 44th Street & 1017 44th Street in the Borough Park neighborhood of Brooklyn. Southern Brooklyn Community Organization secured refinancing for three properties that collectively house 161 residential units. The loan amount for this refinancing deal is $26,800,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $26,800,000
- Lender: James Flynn - Lument
- Landlord: Southern Brooklyn Community Organization
- Market: Borough Park, Brooklyn
- Loan Type: Refinance
James Flynn of Lument served as the lender for the refinancing deal, while the landlord involved in the transaction is Southern Brooklyn Community Organization. This deal enables the landlord to improve the financial management of their residential units across the two neighborhoods of Kensington and Borough Park.
On the Map
$26,800,000
MultiFamily
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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
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93