Lee Properties Group Acquires Condo Completion On East Village's 298 E 2nd Street With $14M Loan From Urban Standard Capital & Maxim Capital Group. Broker: Eric Gleitman - Mercury Capital Markets
FINANCED
$14,000,000
New York
See Similar Deals2,000 SF
Financed 11/29/2020
FINANCED
Lee Properties Group Acquires Condo Completion On East Village's 298 E 2nd Street With $14M Loan From Urban Standard Capital & Maxim Capital Group. Broker: Eric Gleitman - Mercury Capital Markets
298 E 2nd St, New York, NY 10009, USA
See Similar Deals2,000 SF
Financed 11/29/2020
Summary
NEW YORK
Price Per Square Foot:$7,000
Total Square Footage:2,000 SF
Transaction Type:Loan
Urban Standard Capital and Maxim Capital Group provided a loan amount of $14,000,000 for the completion of a condo project located at 298 E 2nd Street in the East Village market. The development is being undertaken by Lee Properties Group, led by Matt Lee. The broker for this transaction is Eric Gleitman from Mercury Capital Markets.
Summary of transaction details
- Property Type: Condo Completion
- Transaction Amount: $14,000,000
- Lender: Urban Standard Capital & Maxim Capital Group
- Developer: Lee Properties Group – Matt Lee
- Broker: Eric Gleitman – Mercury Capital Markets
The loan provided by Urban Standard Capital and Maxim Capital Group, totaling $14,000,000, will facilitate the completion of the condo project at 298 E 2nd Street in the East Village market. The project is being spearheaded by Lee Properties Group, with Matt Lee at the helm. Eric Gleitman of Mercury Capital Markets acted as the broker in this deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$14,000,000.00
Monthly NOI$93,333.33
Monthly Debt Service$88,489.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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