Northwind Group Provides $63M Construction Loan To Minrav Group For 305 1st Avenue Condo
FINANCED
$63,000,000
New York
See Similar DealsCondo54 SF
Financed 08/30/2024
FINANCED
Northwind Group Provides $63M Construction Loan To Minrav Group For 305 1st Avenue Condo
305 1st Avenue
See Similar DealsCondo54 SF
Financed 08/30/2024
Summary
NEW YORK
Asset Type:Condo
Price Per Square Foot:$1,166,666
Total Square Footage:54 SF
Transaction Type:Loan
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.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$63,000,000.00
Monthly NOI$420,000.00
Monthly Debt Service$398,202.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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