Shamco Management obtained financing of $9M from Santander Bank

Shamco Management through the entity Prospect Park Apartments LLC as borrower signed a loan agreement with lender Santander Bank, N.A. valued at $8.8 million for 4 parcels, including the tax class multifamily, over six families without stores (C1) and containing 76 residential units at 1707 Caton Avenue, 1710 Caton Avenue, 1716 Caton Avenue, 1722 Caton Avenue in Flatbush. The deal closed on July 19, 2019 and was recorded on July 31, 2019.
The property contains a total of 96,659 square feet of built space. The property has 24,271 square feet of available development rights.
The average loan per unit is $115,132.
The last time the property sold was January 18, 2011, for $8,500,000.

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