Alma Realty Corp Secures $177.5 Million Refinance Loan From Zions Capital Markets In Brooklyn

The asset involved in this transaction is a multifamily property with a total of 1,238 units located at Shore Front Parkway & 545 Prospect Place in the Rockaway Beach market of Brooklyn. The loan amount for this refinance transaction is $177,500,000, structured as a 5-year interest-only loan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $177,500,000
• Address: Shore Front Parkway & 545 Prospect Place
• Market: Rockaway Beach, Brooklyn
• Lender: Zions Capital Markets
• Lender's Rep: Angelo Mannino
• Landlord: Alma Realty Corp
• Broker: Adam Brostovski - GCP Capital Group
• Loan Type: Refinance
• Loan Terms: 5 Year / Interest Only

This refinancing deal involved Zions Capital Markets successfully closing approximately $178 million in rent-stabilized multifamily financing across two transactions, both originated by Angelo Mannino. The complexity of the deals required creative structuring and strong sponsorship, highlighting Zions’ capability in executing complex refinancings amid challenging lending environments, particularly for large, rent-regulated properties.