H.I.G. Capital Secures $51M Refinance Loan For 22 Condo Units In Financial District
33 Park Row New York, Ny 10038, Usa
$51,000,000
Units
22
Asset Type
Condo
Closing
Jun 1, 2023
About this deal
AI
H.I.G. Capital has secured a refinancing loan worth $51 million from Emerald Creek Capital for 22 residential condo units located at 33-34 Park Row in the Financial District of Manhattan. The loan was obtained through ECC 33 PR LLC.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $51,000,000
- Units: 22
- Address: 33-34 Park Row
- Market: Financial District, Manhattan
Emerald Creek Capital, represented by Mark Penna, served as the lender for the loan. Meanwhile, H.I.G. Capital, represented by Ira Weidhorn, acted as the landlord in the transaction.
This refinancing deal marks an important milestone for H.I.G. Capital and demonstrates their commitment to the Financial District property market in Manhattan.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93