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July 4, 2017 Comments Off on Small Apartment Properties Get $22M Refi Views: 674 New York News, Outer Boroughs New York

Small Apartment Properties Get $22M Refi

Local property owner Yoel Goldman received $22 million in loans for a dozen small apartment properties in Brooklyn, NY.

That works out to less than $3 million per loan — a very small amount for a commercial mortgage. The loans also covered 80% of the value of the properties, providing Goldman with $9.6 million in cash-out proceeds that he plans to reinvest in renovations.

“Freddie Mac’s Small Balance Loan platform allows for maximum proceeds, so owners are able to either re-invest in their portfolio or continue to grow their holdings with additional acquisitions,” said Anthony Cristi of Greystone, which originated the loans.

The 12 properties each received loans with interest rates that are fixed for five years and floating for an additional 15 years.

The 12 properties include:
165 Central Avenue
1358 Dekalb Avenue
145 Driggs Avenue
136 Kingsland Avenue
146 Skillman Street
161 Troutman Street
191 Troutman Street
163 Troutman Street
54 Lewis Avenue
11 Gunther Place
1136 Willoughby Avenue
189 Menahan Street

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