Isaac Jacobowitz borrows $20M from Arbor Realty Trust for 60-unit rental in Bushwick

Isaac Jacobowitz through the entity 342 Eldert LLC as borrower signed a loan agreement with lender Arbor Realty Trust through its Arbor Commercial Funding I, LLC valued at $20.2 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 60 residential units at 342 Eldert Street in Bushwick. The deal closed on November 5, 2020 and was recorded on November 18, 2020.
The property contains a total of 66,668 square feet of built space.
The average loan per unit is $335,833.
The financing includes a $3.86 million gap loan.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA.