Updated Mar 24, 2026
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
Brooklyn MultiFamily Market Snapshot
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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