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

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FINANCED
$177,500,000

New York

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MultiFamily
Financed 05/29/2026
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Property Image
FINANCED

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

Shore Front Parkway & 545 Prospect Place

See Similar Deals
MultiFamily
Financed 05/29/2026
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

Zions Capital Markets
Zions Capital Markets
LENDER
Zions Capital Markets
Zions Capital Markets
ORIGINATOR

Details

FINANCED
IMAGE: Angelo Mannino DATE: 5/29/2026 ADDRESS: Shore Front Parkway & 545 Prospect Place MARKET: Rockaway Beach, Brooklyn ASSET TYPE: Multifamily ~ UNITS: 1,238 LENDER: Zions Capital Markets - Angelo Mannino LANDLORD: Alma Realty Corp BROKER: Adam Brostovski - GCP Capital Group LOAN AMOUNT: $177,500,000 LOAN TYPE: Refinance LOAN TERMS: 5 Year / Interest Only NOTE FROM LENDER: Zions Capital Markets has successfully closed approximately $178 million in rent stabilized multifamily financing across two highly structured New York City transactions, both originated by Angelo Mannino. The deals, totaling $94.5 million in Rockaway Park, Queens, and $83 million in Prospect Heights, Brooklyn, highlight the firm’s ability to execute complex refinancings in one of the most challenging lending environments in the country. Both financings involved performing loans with negotiated discounted payoffs (DPOs) tied to institutional balance sheet reduction strategies, creating a narrow execution window and requiring creative structuring to close. The larger of the two transactions consists of a $94.5 million first-lien mortgage secured by Shore Front Parkway Apartments, a three-building, 773-unit oceanfront multifamily complex in Far Rockaway, Queens. Zions also closed the $83 million first mortgage secured by Prospect Place Apartments, a five-building, 465-unit multifamily asset in Prospect Heights, Brooklyn. The property, originally converted from a hospital and training facility, includes ground-floor retail, parking, and ancillary amenities. Both financings underscore the increasing complexity of executing multifamily debt in New York City, particularly for large, rent-regulated or legacy assets. These transactions highlight Zions’ ability to navigate intricate and time-sensitive deals backed by strong sponsorship and fundamentally sound assets.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$177,500,000.00

Monthly NOI$1,183,333.33
Monthly Debt Service$1,121,920.74
Change in Cash Flow$0.00
Refinance Proceeds$0.00