Jacob Rosenberg, a prominent developer, has successfully secured a $35 million loan to refinance a newly constructed multi-family property in Brooklyn's East Flatbush neighbourhood. Citigroup provided the loan for the 95-unit apartment building at 406 Remsen Avenue. This property was completed in 2024.
The refinancing, first reported by PincusCo., closed on 26 June. Meridian Capital Group negotiated the financing; a team led by Naphtali Marrus and Ben Nevid was instrumental in this process.
Property and Financing Details
Marrus commented on the transaction: "406 Remsen Avenue represents an outstanding new addition to the Brooklyn rental market, with the ownership entity demonstrating a clear vision for the asset's next chapter." Nevid highlighted Citigroup's role, acknowledging that the bank "took the time to understand the asset and the ownership entity" to "structure a financing solution that met the borrower's objectives."
Rosenberg, who co-owns the 406 Remsen Avenue property with Michael Rosenberg, acquired the 111,027 square-foot property near the Saratoga Avenue subway station in late 2024 for $2 million, as reported by PincosCo. The building offers a range of modern amenities for its residents.
Facilities and Background
- —Fitness centre
- —Roof terrace
- —Garage parking
- —Bicycle storage facilities
These facilities underscore the property's attractiveness in Brooklyn's competitive housing market. At the time of publication, Citigroup and Jacob Rosenberg provided no further comments.
