June 16, 2017 Comments Off on $45M, 7-Year Bank Loan to Buy Brooklyn Apartments Views: 744 New York News, Outer Boroughs New York

$45M, 7-Year Bank Loan to Buy Brooklyn Apartments

A real estate fund received $45.1 million in acquisition financing to purchase an 18-building, 207-unit apartment portfolio in Brooklyn neighborhoods, including Williamsburg, Prospect Heights, Crown Heights and Bedford Stuyvesant.

“Competition remains strong among New York and New Jersey savings banks,” said Andrew Dansker for Institutional Property Advisors (IPA) Capital Markets, which arranged the transaction. “Despite the recent pull back of several major lenders, experienced buyers involved in well-priced transactions are still achieving premium outcomes for their debt usage.”

The seven-year loan has a favorable fixed interest rate of 3.77%. The amortization schedule is 30 years and the loan to value is 60%. The balance-sheet loan will also allow the buyer to spin off outlier assets from the portfolio early on in the loan term, with no prepayment penalty.

The properties are:
– 874, 942 Bergen Street
– 267 Clifton Place
– 1400 Dean Street
– 135 Devoe Street
– 147 Grand Street
– 95 Kingston Avenue
– 403 Macon Street
– 244 New York Avenue
– 585 Park Place
– 306 Prospect Place
– 299, 303, 927, 931 Putnam Avenue
– 701 Saint Marks Avenue
– 276 Throop Avenue

Connect with IPA’s Dansker

For comments, questions or concerns, please contact Bendix Anderson

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