Dorchester Road Associates LLC obtained financing of $6M from New York Community Bank

Dorchester Road Associates LLC as borrower signed a loan agreement with lender New York Community Bank valued at $5.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 54 residential units at 860 Ocean Avenue in Flatbush. The deal closed on July 16, 2019 and was recorded on July 22, 2019.
The property contains a total of 59,699 square feet of built space. The property has 1,643 square feet of available development rights.
The average loan per unit is $101,852.

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