Chetrit, Clipper Equity & Read Property Group Refinances Construction Loan For Gramercy Square With Lender SL Green And Broker Ironhound Management
224 E 20th St, New York, NY 10003, USA
$380,000,000
Building Size
—
Asset Type
—
Closing
Nov 28, 2020
About this deal
AI
The developers at Gramercy Square have recently refinanced their construction loan for the residential condominium project located at 224-228 East 20th Street, also known as Gramercy Square. The project is being developed by Chetrit Group, Clipper Equity, and Read Property Group.
Summary of transaction details
- Property Type: Residential Condominium
- Transaction Amount: $380,000,000
- Developer/Landlord: Chetrit Group, Clipper Equity & Read Property Group
- Lender: SL Green
- Broker: Ironhound Management
- Asset Type: Residential Condominium
The refinancing deal was facilitated by SL Green, a prominent lender in the real estate industry. Ironhound Management served as the broker for the transaction.
On the Map
$380,000,000
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Players
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93