Updated Jul 16, 2026
Merchants Capital Provides $76.5 Million Bridge Loan For Tredway's Acquisition Of Multifamily Properties
234 Herkimer Street, 234–280 Herkimer St, Brooklyn, Ny 11216, 280 Herkimer Street, #234, 280 Herkimer Street, 901–907 Main Street, Peekskill, Ny 10566, 901 Main Street & 907 Main Street
$76,500,000
Building Size
—
Asset Type
MultiFamily
Closing
Jul 15, 2026
About this deal
AI
The transaction involves two affordable housing properties located at 234-280 Herkimer Street and 901-907 Main Street in the Brooklyn and Peekskill markets. The asset type for this transaction is MultiFamily with a total loan amount secured of $76,500,000 through a bridge loan provided by Merchants Capital.
Summary of transation details:
- Property Type: MultiFamily
- Transaction Amount: $76,500,000
- Lender: Merchants Capital
- Landlord: Will Blodgett - Tredway
- Loan Type: Bridge
Merchants Capital played a crucial role in securing bridge financing for Tredway, which facilitates the acquisition and rehabilitation efforts of the aforementioned properties. This deal aligns with Tredway's commitment to enhancing affordable housing options in the respective areas.
On the Map
$76,500,000
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93