Joel Wertzberger's Joyland Management Secures $88 Million Refinancing Loan From Citigroup For Multifamily Asset In Middle Village
FINANCED
$88,000,000
New York
See Similar DealsMultiFamily1 SF
Financed 04/02/2025
FINANCED
Joel Wertzberger's Joyland Management Secures $88 Million Refinancing Loan From Citigroup For Multifamily Asset In Middle Village
828 Metropolitan Avenue
See Similar DealsMultiFamily1 SF
Financed 04/02/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$88,000,000
Total Square Footage:1 SF
Transaction Type:Loan
The property involved in the transaction is a multifamily asset located at 828 Metropolitan Avenue in Middle Village. It comprises 138 units and offers a total square footage of 9,700. The transaction involved a loan amount of $88,000,000 for refinancing purposes.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $88,000,000
- Asset Address: 828 Metropolitan Avenue
- Market: Middle Village
- Total Units: 138
- Square Footage: 9,700
- Lender: Citigroup
- Landlord: Joel Wertzberger - Joyland Management
- Landlord's Representative: Morris Betesh & Jack McPhail - Arrow Real Estate Advisors
- Loan Type: Refinance
The deal featured key individuals including lender Citigroup and landlord Joel Wertzberger, representing Joyland Management. Morris Betesh and Jack McPhail from Arrow Real Estate Advisors represented the landlord in this transaction. This refinancing deal involves the intricate dynamics of the multifamily real estate market in the specified location.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$88,000,000.00
Monthly NOI$586,666.67
Monthly Debt Service$556,219.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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