Pushing Forward Development Secures $1.16M Cash Out Refinance For 1275 Park Place Multifamily In Brooklyn

The asset involved in this transaction is a multifamily property located at 1275 Park Place in Brooklyn. It has a total square footage of 2,712 and consists of 3 units. The loan amount secured for this asset is $1,163,400 through a cash-out refinance. Pushing Forward Development, represented by Joshua Brown and Rayshaun Addison, is planning to redevelop this property into 7 free market units as part of the first phase of repositioning.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,163,400
• Address: 1275 Park Place
• Market: Brooklyn
• Square Footage: 2,712
• Units: 3
• Landlord: Joshua Brown & Rayshaun Addison - Pushing Forward Development
• Loan Originator: Christopher J. Calabrese
• Loan Type: Cash out refinance

Joshua Brown and Rayshaun Addison are the principals of Pushing Forward Development, which is actively seeking joint ventures and acquisition partnerships in the multifamily sector across all five boroughs. The loan originator for this transaction is Christopher J. Calabrese.