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B6 Real Estate Advisors Refinances 16-Unit Multifamily In Crown Heights For $2.8M Loan

516 Eastern Parkway
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This MultiFamily property located in NY received a loan of $2,825,000 almost 2 years ago. The brokers of the deal were DJ Johnston, Lynn Marcello, and Nicole Schmidt

A 16-unit multifamily building in Crown Heights, located at 516 Eastern Pkwy, has undergone a successful refinance transaction. The property spans approximately 18,200 square feet and offers a multifamily layout.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $2,825,000
  • Market: Crown Heights, Brooklyn
  • Loan Type: Refinance
  • Loan Terms: 10-year fixed, 65% LTV, 3.58% Interest Rate

The loan for the transaction was provided by Chase Bank. Ryan Walker serves as the landlord for the property. B6 Real Estate Advisors, represented by DJ Johnston, Lynn Marcello, and Nicole Schmidt, acted as the brokers in the deal.

B6’s Capital Advisory Team facilitated the refinance on behalf of their client. After a three-week marketing and negotiation period, the client opted for a 10-year fixed-rate bank loan with a non-recourse feature. The loan also included a two-year interest-only period to increase cash flow during the initial years. This long-term fixed-rate debt, combined with the affordability discount, offers protection from market volatility over the next decade.

If you're interested in financing options for your own property or portfolio, you can reach out to the B6 Capital Advisory team at [email protected] or call DJ Johnston at 914-584-7422.

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Deals
  • Location
    516 Eastern Parkway, Brooklyn, New York 11225, United States516 Eastern Parkway, Brooklyn, New York 11225, United States
  • Loan Value
    $2,825,000$2,825,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    3 Brokers, 2 Agencies, 1 Lender3 Brokers, 2 Agencies, 1 Lender

Agents

Nicole Schmidt

Nicole Schmidt

Deals5
Financed$45.3M

Agencies

B6 Real Estate Advisors

B6 Real Estate Advisors

Agency
Deals208
Volume$2.3B

JPMorgan Chase

JPMorgan Chase

Lender
Deals167
Volume$ 2.2T

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Deal Summary

LOAN IMAGE: DJ Johnston, Nicole Schmidt & Lynn Marcello DATE: 05/24/2022 ADDRESS: 516 Eastern Pkwy. MARKET: Crown Heights, Brooklyn ASSET TYPE: Multifamily ~ SF: 18,200 ~ UNITS: 16 LENDER: Chase Bank LANDLORD: Ryan Walker BROKERS: DJ Johnston (@B6RealEstate_JohnstonTeam), Lynn Marcello (@Lynnnstagram__) & Nicole Schmidt (@Nicole_mSchmidt) - B6 Real Estate Advisors LOAN AMOUNT: $2,825,000 LOAN TYPE: Refinance LOAN TERMS: 10-year fixed, 65% LTV, 3.58% Interest Rate NOTE FROM BROKER: B6’s Capital Advisory Team successfully completed a re-finance on behalf of their client for a 16-unit multifamily building in Crown Heights. After a three-week marketing & negotiation period, the client selected a 10-year, fixed rate bank loan, non-recourse, with two years interest only. The long-term fixed rate debt with affordability discount will protect the client from market volatility over the next decade, & the interest-only period will allow for increased cash flow during the first two years. If you would like to explore financing for your current property or portfolio, please connect with the B6 Capital Advisory team. DJ Johnston 914-584-7422 [email protected].

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