Newtek Bank Provides $4.65M Acquisition Loan For 22-Unit Multifamily In NYC

This mixed-use asset, located at 702 Rockaway Avenue in New York City, was recently involved in a loan transaction. The property has a total square footage of 18,000 and consists of 22 units. The loan amount for this acquisition was $4,650,000. The lender in this deal was Newtek Bank. The loan terms for this transaction include a term of 5+5 years and an amortization period of 30 years.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,650,000
• Address: 702 Rockaway Avenue
• Market: New York City
• Square Footage: 18,000
• Units: 22
• Lender: Newtek Bank

In addition to successfully brokering the sale, Lev Mavashev and Jake Gluck from Alpha Realty were also able to secure financing for the buyers. The loan for this mixed-use asset was obtained at a sub-6% interest rate, thanks to their strong and deep lending relationships. Despite the challenging times, Lev Mavashev and Jake Gluck have continued to actively and creatively get deals done. For any sales, lending, or financing options, you can contact their capital markets team at [email protected] and [email protected].