Abram Shnay’s AMS Realty borrows $25M from Walker & Dunlop for refi of rentals in Brooklyn

Abram Shnay’s AMS Realty through the entity Sutter Gardens Associates, L.P as borrower signed a loan agreement with lender Walker & Dunlop (which was then assigned to Fannie Mae) valued at $25 million for 3 parcels, including the tax class garden apartments/mobile home park/trailer park (C9) and containing 258 residential units at 419 Hendrix Street, 475 Hendrix Street, 435 Schenck Avenue in Brooklyn. The deal closed on March 31, 2020 and was recorded on April 1, 2020.
The property has 350,688 square feet of available development rights.
The average loan per unit is $96,899.
This refinance includes a $15 million gap loan. The $25 million in debt was assigned to Fannie Mae.
Abram Shnay is also an owner of the development firm SK Development.

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