July 9, 2020
NKF arranged an $18-million fixed-rate loan to refinance an apartment property at 364 Lincoln Pl. in Brooklyn’s Prospect Heights neighborhood, on behalf of Novel Property Ventures.
The NKF team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of the New York Debt & Structured Finance team, and senior managing director Daniel Fromm. JP Morgan provided the 10-year, full-term, interest-only CMBS loan.
Stolly said, “The property benefits from strong demographics and market fundamentals, supported by an abundance of area amenities and demand drivers. The fact that this loan is one of the first CMBS loans to close post-COVID is a testament to the strength of the sponsor and the submarket.”
Novel Property Ventures acquired the 53-unit rental property in 2015 and performed significant upgrades. “Novel flawlessly executed its business plan as evidenced by the significant increase of cash flow since acquisition,” said Fromm.
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