Updated Feb 16, 2024
Arch Companies And Tahari Capital Secure $70.5M Bridge Loan For Greenwich Village Office Property
88 University Place, New York City, New York 10003, United States
$70,500,000
$997/SF
Building Size
70,672 SF
Asset Type
Commercial
Closing
May 22, 2022
About this deal
AI
A bridge loan in the amount of $70,500,000 has been secured for the property located at 88 University Place in Greenwich Village, Manhattan. The asset is an office space encompassing 94,000 square feet.
Summary of transation details
- Property Type: Office
- Transaction Amount: $70,500,000
- Address: 88 University Place
- Market: Greenwich Village, Manhattan
- Landlord: Arch Companies - Jeff Simpson & Jared Chassen & Tahari Capital - Jeremey Tahari
- Lender: CIM
- Brokers: Jonathan Aghravi & Eli Terry - JBA Equities
- Date: 05/23/2022
The lenders for this transaction are CIM, while the landlord is a collaboration between Arch Companies represented by Jeff Simpson and Jared Chassen, and Tahari Capital represented by Jeremey Tahari. The brokers involved in the deal are Jonathan Aghravi and Eli Terry from JBA Equities.
On the Map
$70,500,000
$997/SF
Commercial
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93