Cheskel Schwimmer signs $41M refi loan with Valley National for rental in Midwood

Cheskel Schwimmer through the entity Otts Ocean, LLC as borrower signed a refi loan with lender Valley National Bank through the entity Valley National Bank valued at $41.0 million for the 116-unit rental (D3) at 1326 Ocean Avenue in Midwood, Brooklyn.
The deal closed on May 11, 2021 and was recorded on May 21, 2021.
The property has 90,820 square feet of built space and 0 square feet of additional air rights for a total buildable of 84,948 square feet according to PincusCo analysis of city data. The loan price per built square foot is $451 per the PincusCo analysis.
The owner bought the property on 24-Mar-15, for $7.9 million.
The signatory for Cheskel Schwimmer was Cheskel Schwimmer.
(321042322)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 116 residential units on November 30, 2017.
The owners according to the Department of Housing Preservation and Development includes Joseph Lichtman, head officer and Burim Haulli, site manager. The business entity is Otts Ocean Llc.

Direct link to Acris document. link