Cedarbridge Management Secures $145.65 Million Refinance Loan From Customers Bank For Multifamily Portfolio

The transaction involves a multifamily portfolio located in Brooklyn and Manhattan, comprising a total square footage of 1,116,221. The landlord is Moshe Greenzweig, representing Cedarbridge Management, which has secured a refinance loan amounting to $145,652,886.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $145,652,886
• Lender: Customers Bank
• Landlord: Moshe Greenzweig - Cedarbridge Management
• Loan Type: Refinance
• Market: Brooklyn & Manhattan
• Total Square Footage: 1,116,221

This transaction is notable for the securing of a 40-year Article 11 affordability agreement by Cedarbridge Management, which encompasses 1,083 income-restricted apartments across 27 properties in Brooklyn and Manhattan. This agreement locks in affordability and rent stabilization while allowing for a significant reduction in property taxes to 0.5% of gross potential rent.