Astoria Bank Loans $30M in Brooklyn Portfolio Deal
The record-breaking $60 million purchase of a Midwood and Bay Ridge portfolio by Brooklyn-based Landau Real Estate was financed with $30 million from Astoria Bank, city records show.
The buy, first reported by The Real Deal, includes four multifamily buildings at 465-476 84th Street, 2566 Ocean Avenue, 1745 East 12th Street and 1811 Quentin Road.
The 20-year self-liquidating loan has a fixed-rate of 3.75 percent, a representative for Meridian Capital Group, which brokered the loan, told Mortgage Observer.
Jacob Schmuckler, a vice president with Meridian, handled the loan negotiations, the representative said.
“Given the outstanding locations of the properties and the strength and experience of the sponsor, Meridian was able to leverage our significant relationship with the lender to tailor a flexible acquisition financing structure for these assets,” Mr. Schmuckler said in a statement provided exclusively to MO.
The deal was significant for the area, according to TRD, as the per unit price of about $232,000 was the highest price ever paid for a multifamily building in the neighborhood.