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Residential Development Group Secures $16.3M Loan For Brooklyn Multifamily With NYCB As Lender

Property Image
FINANCED
$16,300,000
Michael Neumann
David Oheb
KN
+ 1

New York

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MultiFamily6,913 SF
Financed 05/22/2021
the dealplayerscompscontact
Property Image
FINANCED

Residential Development Group Secures $16.3M Loan For Brooklyn Multifamily With NYCB As Lender

782 New York Ave, Brooklyn, NY, USA

See Similar Deals
MultiFamily6,913 SF
Financed 05/22/2021
Michael Neumann
David Oheb
KN
+ 1
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$2,357
Total Square Footage:6,913 SF
Transaction Type:Loan

Located at 782 New York Ave., this multifamily property in Brooklyn was involved in a recent closed transaction. The property is owned by Kamran Neman and Joseph Azizian of Residential Development Group, a vertically integrated real estate investment firm specializing in residential and mixed-use properties in the NY Metro area. With a history of developing and rehabilitating over 500 projects, Residential Development Group continues to seek new ground-up development and value-add opportunities in the Tri-state area.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $16.3M
  • Market: Brooklyn

Facilitating the deal were the brokers David Oheb and Michael Neumann from Meridian Capital Group. Meridian Capital Group is a leading commercial mortgage brokerage firm and has closed $40B in financing with various lenders across different property types. The firm has extensive experience in multifamily lending and is known for its ability to add value to portfolios. For more information, contact David Oheb at [email protected] or Michael Neumann at [email protected].

Players

Michael Neumann
Meridian Capital Group
Michael Neumann
3 deals$38.6M volume
BROKER
David Oheb
Meridian Capital Group
David Oheb
77 deals$821.5M volume(212) 612-0193
BROKER
New York Community Bank
New York Community Bank
LENDER
KN
Kamran Neman
3 deals$21.6M volume
LANDLORD
JA
Joseph Azizian
3 deals$21.6M volume
LANDLORD

Details

FINANCED
IMAGE: Kamran Neman, Joseph Azizian, David Oheb & Michael Neumann DATE: 05/2021 ADDRESS: 782 New York Ave. MARKET: Brooklyn ~ ASSET TYPE: Multifamily LENDER: NYCB LANDLORD: Kamran Neman (@K_Rock007) & Joseph Azizian (@JoeAzizian) - Residential Development Group BROKER: David Oheb (@TeamOheb) & Michael Neumann (@YmNeumann) - Meridian Capital Group LOAN AMOUNT: $16.3M TERM: 3.05% interest rate, 5yr fixed, maximum cash-out refinance – recaptured OVER 100% of the borrower’s cost basis in the project NOTE FROM LANDLORD: Founded in 2001 by Kamran Neman & Joseph Azizian, Residential Development Group is a vertically integrated real estate investment firm specializing in the ground-up development of residential and mixed-use properties in the NY Metro area. The firm has developed and rehabilitated over 500 projects in its history, and will be completing construction of an additional 60 resi units in the next 12 months. Residential Development Group is actively seeking new ground-up development and value-add opportunities throughout the Tri-state area, please contact 📧 [email protected] with any opportunities. NOTE FROM MERIDIAN: Meridian Capital Group is America’s most active dealmaker, having closed $40B in financing (2020) with more than 250 unique lenders across all property types, including multifamily, office, retail, hotel, mixed-use, industrial, healthcare and senior housing, and construction. Meridian represents many of the world’s leading real estate investors and developers and has been consistently ranked as the top commercial mortgage brokerage firm in the country for multifamily lending by the Mortgage Bankers Association. For more information on how Meridian can add value to your portfolio please contact: 👤David Oheb 📱 212-612-0193 📧 [email protected] 👤Michael Neumann 📱 646-502-3428 📧 [email protected]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$16,300,000.00

Monthly NOI$108,666.67
Monthly Debt Service$103,027.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00