CBRE Secures $98M Financing for Flatiron Realty’s Acquisition of 26-Building Portfolio in Brooklyn’s Prospect Heights Neighborhood
CBRE, a leading real estate services and investment firm, recently facilitated the financing for Flatiron Realty’s purchase of a portfolio consisting of 26 multifamily properties located in the Prospect Heights section of Brooklyn. The seller was identified as the Pintchik family. According to sources, Rich Velotta from Raven Property Advisors acted as broker for this transaction which was valued at approximately $102 million.
The team responsible for arranging the financing included Shamir Seidman, Judah Hammer and Jeff Feldman from CBRE’s Debt & Structured Finance division. They were able to secure funding on behalf of Michael and Ed Ostad through Derby Copeland Capital which also includes capital earmarked specifically for future improvements to these buildings.
Seidman expressed his excitement about being involved with what he believes will be an impactful acquisition on behalf of their client while also acknowledging their lending partners at Derby Copeland who made it possible. He went on to mention that Prospect Heights is still emerging as both a retail hub and residential destination neighborhood so they are looking forward to seeing how things develop in this area.
This impressive portfolio consists primarily of 14 buildings situated along Flatbush Avenue with another 11 located along Bergen Street plus one additional building found on Dean Street bringing its total number up to twenty-six structures altogether. In addition there are eighty apartments spread out among these properties alongside thirty-two retail stores occupying roughly forty thousand square feet worth or commercial space within them all combined.
Connect CRE originally published this news story online where readers can find more details regarding other noteworthy transactions taking place throughout various regions across America today.