We recently arranged a $1,450,000 purchase money mortgage for the acquisition of a 16-family apartment building in Ridgewood, Queens. The property is a 100% rent-stabilized building, requiring financing structured around its current rental income, operating expenses, and long-term performance. Our team worked through the details of the transaction and secured competitive terms that supported the borrower’s acquisition.
Transaction Highlights
- Property type: 16-family apartment building
- Location: Ridgewood, Queens, New York City
- Transaction: Purchase
- Occupancy: 100% rent-stabilized
- Loan amount: $1,450,000
- Interest rate: 6.50%
- Term: 5 years plus a 5-year extension
- Amortization: 30 years
Financing Rent-Stabilized Apartment Buildings
Rent-stabilized properties must be evaluated differently from market-rate apartment buildings. Rental increases are regulated, and the lender must carefully review the building’s rent roll, expenses, net operating income, property condition, and ability to support the proposed mortgage. Despite these additional considerations, well-positioned rent-stabilized buildings can remain attractive long-term investments. They often provide consistent occupancy, predictable rental income, and an opportunity to own multifamily real estate in established New York City neighborhoods.
Multifamily Lending
We arrange financing for apartment buildings and other commercial real estate throughout New York City and beyond. If the property is market-rate, rent-stabilized, mixed-use, or presents a more complicated underwriting scenario, we work to identify a financing structure that fits the property and the transaction. This Ridgewood closing demonstrates our ability to arrange competitive acquisition financing for established multifamily properties. If you are purchasing or refinancing an apartment building, contact us to discuss your financing options.
