Northwind Group Provides $63M Construction Loan To Minrav Group For 305 1st Avenue Condo
305 1st Avenue
$63,000,000
$1,166,666/SF
Building Size
54 SF
Asset Type
Condo
Closing
Aug 30, 2024
About this deal
AI
The transaction involves a condo located at 305 1st Avenue in the Gramercy market of Manhattan. The loan type is a construction loan valued at $63,000,000. The asset is under the management of Minrav Group as the landlord.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $63,000,000
- Lender: Northwind Group
- Key Individuals: Ran Eliasaf, Michael Ainbinder
- Landlord: Minrav Group
- Brokers: Ryan Horowitz, Richard Horowitz, Justin Horowitz
- Broker Agency: Cooper Horowitz
Ran Eliasaf and Michael Ainbinder represent Northwind Group in providing the loan for this construction project, while the brokerage firm Cooper Horowitz, represented by Ryan Horowitz, Richard Horowitz, and Justin Horowitz, facilitated the transaction.
On the Map
$63,000,000
$1,166,666/SF
Condo
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93