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CBRE arranges $15 million loan for Brooklyn rent-stabilized building
The financing includes a 6.0% fixed interest rate, two years of interest-only payments, and no prepayment penalty.
CBRE arranged a $15 million loan for a 175-unit rent-stabilized multifamily property at 430 and 499 E. 8th St. in the Midwood section of Brooklyn, according to ConnectCRE.
The financing was secured on behalf of ARM Management through Four Leaf Credit Union, and CBRE Capital Markets team members Judah Hammer, Jeff Feldman, and Jack Hayes arranged the refinancing.
Hammer said the refinancing provides ARM Management with stable financing and operational flexibility, and he noted the loan carries a 6.0% fixed interest rate with two years of interest-only payments and no prepayment penalty over the five-year term.