Citigroup Refis East Flatbush Apartments With $35M Loan
By Andrew Coen July 6, 2026 2:41 pm
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Developer Jacob Rosenberg has landed a $35 million loan to refinance a newly built multifamily property in Brooklyn’s East Flatbush neighborhood.
Citigroup supplied the loan for the 95-unit apartment building at 406 Remsen Avenue that was completed in 2024. PincusCo. first reported the refi, which closed June 26.
Meridian Capital Group negotiated the debt with a team led by Naphtali Marrus and Ben Nevid.
“406 Remsen Avenue is a standout new addition to the Brooklyn rental market, and the sponsorship brought a clear vision for the asset’s next chapter,” Marrus said in a statement.
In a statement, Nevid credited Citigroup with taking “the time to understand the asset and the sponsorship” to “structure a financing solution that met the borrower’s objectives.”
Rosenberg, who owns 406 Remsen Avenue with Michael Rosenberg, acquired the 111,027-square-foot property near the Saratoga Avenue subway station for $2 million in late 2024, according to PincosCo. Community amenities include a fitness center, a rooftop terrace, garage parking and bike storage.
Citigroup and Rosenberg did not immediately return requests for comment.
Andrew Coen be reached at acoen@commercialobserver.com.
