Updated Oct 5, 2026
Morris Bawabeh Of Bawabeh Holdings Refinances Brooklyn Portfolio With $48.5 Million Loan From Provident Bank
1181 East New York Avenue & 1720 Atlantic Avenue
$48,500,000
$154/SF
Building Size
157,494 SF
Asset Type
Special Purpose
Closing
Sep 23, 2026
About this deal
AI
The transaction involves a refinancing loan for a portfolio located at 1181 East New York Avenue and 1720 Atlantic Avenue in Brooklyn. This special purpose and retail property encapsulates a total of 157,494 square feet of built space along with an additional 432,968 square feet of air rights. The refinancing amounts to $48,500,000, sourced from Provident Bank.
Summary of transaction details:
- Property Type: Special Purpose & Retail
- Transaction Amount: $48,500,000
- Lender: Provident Bank
- Landlord: Morris Bawabeh - Bawabeh Holdings
- Address: 1181 East New York Avenue & 1720 Atlantic Avenue
- Market: Brooklyn
- Square Footage: 157,494 SF
- Additional Air Rights: 432,968 SF
- Loan Type: Refinance
Morris Bawabeh of Bawabeh Holdings is the landlord involved in this transaction. The refinancing addresses a significant portfolio of 16 properties within Brooklyn, demonstrating a strategic financial move facilitated by Provident Bank to optimize the management of the assets held by Bawabeh Holdings.
On the Map
$48,500,000
$154/SF
Special Purpose
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Players
Brooklyn Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93