New York Community Bank Provides $27.3 Million Refinance Loan for Flushing Multifamily Property
New York Community Bank has granted a $27.3 million refinance loan for a multifamily property in Flushing, New York.
In a recent deal, New York Community Bank has granted a $27.3 million refinance loan for a multifamily property located at 47-30 59th Street & 37-08 28th Avenue in Flushing, New York. The loan was secured by the property owner, Mike Pistilli of Pistilli Realty Group, and was facilitated by brokers Avi Weinstock and Ezra Sutton of Meridian Capital Group.
The property, situated in the bustling market of Flushing, is a prime example of the thriving commercial real estate sector in New York. Flushing, known for its diverse community and vibrant culture, has seen a surge in demand for multifamily properties in recent years. The area’s proximity to Manhattan and its excellent transportation links make it an attractive location for both residents and investors.
The multifamily property at 47-30 59th Street & 37-08 28th Avenue consists of well-maintained apartment units that offer modern amenities and spacious living spaces. The property’s prime location, close to shopping centers, restaurants, and public transportation, adds to its appeal.
Mike Pistilli, the landlord and owner of the property, has a strong track record in the real estate industry. As the founder of Pistilli Realty Group, he has successfully developed and managed numerous properties in the New York area. Pistilli’s expertise and reputation in the market played a significant role in securing the refinance loan.
The loan was facilitated by Avi Weinstock and Ezra Sutton of Meridian Capital Group, a leading commercial real estate finance and advisory firm. Weinstock and Sutton’s extensive knowledge of the market and their strong relationships with lenders allowed them to negotiate favorable terms for the refinance loan. Their expertise in navigating complex real estate transactions was instrumental in closing the deal.
New York Community Bank, the lender in this transaction, is a well-established financial institution with a strong presence in the New York real estate market. The bank’s decision to provide a substantial refinance loan for the Flushing multifamily property reflects its confidence in the property’s value and potential.
The $27.3 million refinance loan will enable Mike Pistilli to optimize the property’s cash flow and potentially pursue further investments in the New York real estate market. The loan amount, secured at a competitive interest rate, demonstrates the bank’s commitment to supporting the growth and development of the commercial real estate sector in Flushing and the wider New York area.
Overall, this deal highlights the continued strength and resilience of the commercial real estate market in New York. The demand for multifamily properties in desirable locations like Flushing remains high, attracting both investors and lenders. With the support of financial institutions like New York Community Bank and the expertise of brokers like Avi Weinstock and Ezra Sutton, property owners like Mike Pistilli can leverage their assets and contribute to the growth of the city’s real estate market.