Cheskel Schwimmer refis Flatbush building with Valley National loan

New mortgage replaces $24M in debt originally lent by First Niagara Bank

1326 Ocean Avenue
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.

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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