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Developers Secure $11M Refinancing Loan For Gramercy Condo And Retail Units
FINANCED
$10,995,800
New York
See Similar DealsCondo
Financed 07/21/2023
FINANCED
Developers Secure $11M Refinancing Loan For Gramercy Condo And Retail Units
250 East 21st Street New York, New York 10010, USA
See Similar DealsCondo
Financed 07/21/2023
Summary
NEW YORK
Asset Type:Condo
Transaction Type:Loan
The property involved in this transaction is a condo located at 250 East 21st Street in Gramercy, Manhattan. The asset consists of seven unsold condominium units and three retail units within a 54-unit new development.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $10,995,800
- Address: 250 East 21st Street
- Market: Gramercy, Manhattan
Developers Claudio Soifer and Harry Karten, represented by SD Second Avenue Property LLC, secured a refinancing loan of $11 million from Lancewood Capital, with Tino Martins as the lender's representative. The loan has been obtained for the purpose of refinancing the unsold condominium and retail units in the development at 250 East 21st Street.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$10,995,800.00
Monthly NOI$73,305.33
Monthly Debt Service$69,500.94
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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