Brooklyn Apartment Properties Receive Loans — Less than $3M Each
Property owner Steve Lubin received a $20.8-million package of loans on a portfolio of eight properties in the Crown Heights neighborhood of Brooklyn, NY. That works out to less than $3 million in financing per property.
“We have been very successful at executing portfolio refinances with the Freddie Mac Small Balance product, and it continues to be extremely competitive in the New York market,” said Anthony Cristi, commercial lending managing director for Greystone.
The refinanced properties, which all contain between 6 and 35 units, all received Freddie Mac Small Balance Loans, sized to cover 80% of the value of a property. The loans had fixed interest rates for five years with one year of interest-only payments. The loans continue for an additional 15-years with floating interest rates. Property owner Lubin received $6.1 million in cash-out proceeds, and plans to reinvest capital into each property.
The Brooklyn properties included:
– 1060 Hancock Street – 1315 Sutter Avenue – 135 Dupont Street – 187 Rochester Avenue – 1904 Nostrand Avenue – 4515 Snyder Avenue – 802 Park Place – 809 Park Place