Wells Fargo Provides $15,000,000 Refinance For The Hu Family's Multifamily Property In Rego Park

The property involved in this transaction is a multifamily asset located at 63-68 Austin Street in Rego Park, featuring a total square footage of 68,651 and comprising 81 units. The asset consists of 78 residential apartments and 3 ground-floor retail stores, representing a newly constructed mixed-use property completed in 2025.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $15,000,000
• Lender: Wells Fargo
• Landlord: The Hu Family
• Broker: Isaac Blyakher - Blyakher Real Estate
• Loan Type: Refinance

Isaac Blyakher from Blyakher Real Estate facilitated the closing of this permanent refinance, which transitioned the property from construction financing into stabilized, long-term debt. The financing was tailored to meet the sponsor's strategy, ensuring favorable terms for the landlord in this transaction.