Close Date:
May 9, 2024
3-Story Transitional Hotel
Loan Purpose:
Cash-Out Refinance
Asset Class:
Multi-Family
Loan Amount:
12,000,000
Details
Avana companies recently closed a $ 12 million cash-out refinance loan with a significant client. The loan will be used to refinance a 43-unit, 3-Story transitional hotel building located in Brooklyn, NY.
The building was originally constructed in 1926 and was extensively renovated in 2016 in a redevelopment effort led by the investor through his multi-family development and construction company.
The property is located in Brooklyn borough of New York City in Kings County. Brooklyn is New York City’s highest population borough, reporting approximately 2.7 million residents in 2020. Brooklyn ranks as the third most populous city in the United States, after Los Angeles and Chicago.
