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88 2nd Place

Updated Mar 24, 2026

Black Bear Capital Partners ("BBCP") Arranges $1.65M Refinance for 3-Unit Multifamily in Carroll Gardens
FINANCEDMultiFamily

Black Bear Capital Partners ("BBCP") Arranges $1.65M Refinance for 3-Unit Multifamily in Carroll Gardens

88 2nd Place

$1,654,000

$429/SF

Building Size

3,850 SF

Asset Type

MultiFamily

Closing

May 20, 2024

About this deal

AI

The multifamily property located at 88 2nd Place in Carroll Gardens, spanning 3,850 square feet and consisting of 3 units, was recently involved in a refinancing deal. The loan amount for this transaction was $1,654,000. The lender for this refinance was Community Federal Savings Bank with the landlord being Frank Driscolo. The brokers representing this deal were Emil DePasquale & William McGovern from Black Bear Capital Partners.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,654,000
  • Units: 3
  • Square Footage: 3,850
  • Address: 88 2nd Place
  • Market: Carroll Gardens

Emil DePasquale and William McGovern from Black Bear Capital Partners played a crucial role as the brokers in this refinancing deal. The 3-unit townhome was refinanced with a 6-month floating rate loan, including a 6-month extension option and full term interest-only payment terms.

Players

Emil DePasquale

Black Bear Capital Partners

Broker

$2.2B

vol

94 deals

Broker
Community Federal Savings Bank (CFSB)
Community Federal Savings Bank (CFSB)Lender

Brooklyn MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $429 per square foot on a published $1.7M for 3,850 square feet (2024).

Visit Emil DePasquale to view all their deals.

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

9.59%

Cash-on-Cash

-2.74%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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