The Real Deal New York

Cheskel Schwimmer refis Flatbush building with Valley National loan

New mortgage replaces $24M in debt originally lent by First Niagara Bank
July 30, 2018 09:30AM

1326 Ocean Avenue

Cheskel Schwimmer refinanced his 116-unit rental building on Ocean Avenue in Flatbush with a $42 million loan from Valley National Bank.

The new mortgage replaces a $24.2 million loan first provided against the building by First Niagara Bank, Commercial Observer reported. KeyBank took over the loan when it bought First Niagra in 2015.

Schwimmer’s Chess Builders finished construction on the eight-story building at 1325 Ocean Avenue 10 months ago. The building has a roughly even mix of studios and one- and two-bedroom apartments. [CO] – Rich Bockmann