Joel Wertzberger's Joyland Management Secures $88 Million Refinancing Loan From Citigroup For Multifamily Asset In Middle Village
828 Metropolitan Avenue
$88,000,000
$88,000,000/SF
Building Size
1 SF
Asset Type
MultiFamily
Closing
Apr 2, 2025
AI
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
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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93