Updated Mar 11, 2025
Robert Ranieri Of NorthMarq Secures $50M Loan For Williamsburg MultiFamily Property
76 N 4th St, Brooklyn, NY, 11249
$50,000,000
Units
83
Asset Type
MultiFamily
Closing
Nov 22, 2023
About this deal
AI
The Lewis Steel Building, located at 76 N 4th St in Brooklyn, NY 11249, is an 83-unit apartment building in Brooklyn's Williamsburg neighborhood. The property, originally a steel factory built in the 1930s, spans 13,285 square feet of ground-floor commercial space. The refinancing of this multi-family asset was facilitated through an undisclosed regional bank for a loan amount of $50,000,000.00.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $50,000,000.00
- Borrower's Representative: Robert Ranieri (NorthMarq)
- Lender: Undisclosed Regional Bank
- Loan Term: Five years
- Payment Structure: Two years of interest-only payments, followed by a 30-year amortization schedule
Robert Ranieri of NorthMarq played a pivotal role in arranging the $50 million loan for the refinancing of The Lewis Steel Building. The borrower's details were not disclosed in this transaction, maintaining confidentiality throughout the deal.
On the Map
$50,000,000
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93