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American Realty Advisors Secures $210 Million Refinance Loan From Bank Of China For Lower East Side Condos

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FINANCED
$210,000,000

New York

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Condo
Financed 11/11/2024
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FINANCED

American Realty Advisors Secures $210 Million Refinance Loan From Bank Of China For Lower East Side Condos

229 Chrystie Street & 95 East Houston Street

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Condo
Financed 11/11/2024
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Summary

NEW YORK
Asset Type:Condo
Transaction Type:Loan

The transaction involves a refinance loan secured by American Realty Advisors for two properties located at 229 Chrystie Street and 95 East Houston Street, situated in the Lower East Side of Manhattan. The properties include a 361-unit rental condo at 229 Chrystie Street and a retail condo at 95 East Houston Street, with a total loan amount of $210 million.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $210,000,000
  • Lender: Raymond Qiao - Bank of China
  • Landlord: Scott Darling - American Realty Advisors
  • Market: Lower East Side, Manhattan
  • Loan Type: Refinance

Raymond Qiao from Bank of China acted as the lender in this transaction, while Scott Darling represented American Realty Advisors as the landlord for the properties involved in the refinance. The completion of this loan further highlights the partnership between financial institutions and real estate firms in facilitating property transactions.

Players

Bank of China
Bank of China
LENDER

Details

FINANCED
IMAGE: Raymond Qiao & Scott Darling DATE: 11/11/2024 ADDRESS: 229 Chrystie Street & 95 East Houston Street MARKET: Lower East Side, Manhattan ASSET TYPE: Condo LENDER: Raymond Qiao - Bank of China LANDLORD: Scott Darling - American Realty Advisors LOAN AMOUNT: $210,000,000 LOAN TYPE: Refinance NOTE: American Realty Advisors secured a $210 million refinance loan from Bank of China for two properties on the Lower East Side, including a 361-unit rental condo at 229 Chrystie Street and a retail condo at 95 East Houston Street.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$210,000,000.00

Monthly NOI$1,400,000.00
Monthly Debt Service$1,327,342.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00