Berkadia Arranges Refi on Affordable Seniors Housing in Brooklyn
Berkadia’s Laura Smith arranged $22.595 million in permanent refinancing for Scheuer House of Manhattan Beach, a midrise affordable seniors property in Brooklyn, on behalf of New York-based JASA. It’s the second loan Berkadia has arranged for the nonprofit this year.
“The new HUD 223(F) loan for Scheuer House of Manhattan Beach will allow our partner to complete over $5.8 million in repairs ($38k+ per unit), including modernizing kitchens and bathrooms, replacing circuit breaker panels, renovating common areas and completing upgrades to the building exterior façade and grounds,” said Smith. “This will enable low-income senior residents to live in an environment that is safe and includes all the additional community services JASA is so well known for providing.”
Located at 161 Corbin Pl., Scheuer House of Manhattan Beachcontains 149 Section 8 apartment units. The location in Brooklyn allows residents convenient access to Brighton Beach and the New York Aquarium.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).