Updated Apr 24, 2026
Wells Fargo Provides $15,000,000 Refinance For The Hu Family's Multifamily Property In Rego Park
63-68 Austin Street
$15,000,000
$218/SF
Building Size
68,651 SF
Asset Type
MultiFamily
Closing
Apr 9, 2026
About this deal
AI
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.
On the Map
$15,000,000
$218/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93