Webster Bank Refinances Mixed-Use Property In Garment District, Manhattan With $7M Loan
468 9th Avenue
$7,000,000
$437,500/SF
Building Size
16 SF
Asset Type
—
Closing
Jan 23, 2020
About this deal
AI
A mixed-use property located at 468 Ninth Avenue in the Garment District of Manhattan has recently undergone a refinancing loan transaction. The property spans across 16,808 square feet with a total buildable square footage of 30,069.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $7,000,000
- Loan Type: Refinance
- Loan Date: 01/23/2023
- Address: 468 Ninth Avenue
- Market: Garment District, Manhattan
- Building Square Footage: 16,808
- Total Buildable Square Footage: 30,069
The loan for this property was provided by Webster Bank, with Gabriel Safdie representing the lender. The landlords of the property are Gorjian Real Estate Group, Namdar Realty Group, and Ivan Hakimian, with Justin Gorjian serving as their representative.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93