CBRE Arranges Financing for Rent-Stabilized Midwood Multifamily
CBRE originated a $15-million loan for a 175-unit rent-stabilized multifamily property located at 430 and 499 E. 8th St. in the Midwood section of Brooklyn. The financing was secured on behalf of ARM Management through Four Leaf Credit Union.
The CBRE Capital Markets team of Judah Hammer, Jeff Feldman and Jack Hayes arranged the refinancing on behalf of ARM Management.
“This refinancing provides ARM Management with stable financing and operational flexibility in today’s lending environment,” said Hammer. “The loan features a 6% fixed interest rate, two years of interest-only payments, and no prepayment penalty, offering the borrower enhanced operational flexibility over the five-year term.”
Get a closer look at the capital financing New York multifamily’s next cycle. Hear from Gary Bechtel of Red Oak Capital Holdings and Christian DeLisle of PACE Loan Group, then connect with owners, lenders and investors at Connect New York Apartments Investment & Finance on October 22. Register now!
Other News
Davis Provides $44M Construction Financing for Downtown Residential Conversion
JLL Capital Markets has arranged $44 million in financing for 31 Milk St., an adaptive reuse multifamily redevelopment in Downtown Boston. Managing director Anthony Cutone, director Madeline Joyce and associates Michael Schwarze and Joe Marinaro represented the borrower, Dinosaur Capital Partners and Mugar Enterprises. The three-year, senior construction loan was provided by an affiliate of...
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Jonathan Rose Makes Second Acquisition in Santa Cruz
Jonathan Rose Companies has acquired La Posada Apartments, a 150-unit, mixed-income community located at 609 Frederick St. in Santa Cruz. The $85-million transaction marks the ninth acquisition for the Rose Affordable Housing Preservation Fund VI and the firm’s second property in Santa Cruz. In line with its longstanding mission to preserve existing affordable housing, Jonathan Rose Companies acquired the property...
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Vacant Fulton Market Building Sells Ahead of Planned MXU Redevelopment
CBRE represented the seller in the $2.75 million sale of 167 N. Morgan St., a vacant three-story industrial building in Chicago’s Fulton Market neighborhood. The buyer, Hubbard Street Group, plans to redevelop the property into a mixed-use building with 20 apartments above approximately 3,300 square feet of ground-floor retail. The property sits in the heart...
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout