Stephen A. Schwarzman Of Blackstone Group Secures $550M Refinance Loan For 8 Spruce Street
8 Spruce Street
$550,000,000
$711/SF
Building Size
773,169 SF
Asset Type
Condo
Closing
Dec 6, 2024
About this deal
AI
The property asset involved in this transaction is a condo located at 8 Spruce Street in the Financial District of Manhattan. This residential building encompasses a total square footage of 773,169 and contains 899 units. The transaction pertains to a refinancing loan arrangement.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $550,000,000
- Address: 8 Spruce Street
- Market: Financial District, Manhattan
- Asset Size: 773,169 SF
- Units: 899
- Lender: Eric Enderlin - NYC Housing Development Corporation
- Landlord: Stephen A. Schwarzman - Blackstone Group
- Loan Type: Refinance
- Closing Date: December 6, 2024
This transaction highlights the involvement of significant entities, with Eric Enderlin representing the NYC Housing Development Corporation as the lender, and Stephen A. Schwarzman representing Blackstone Group as the landlord. The refinancing deal emphasizes the ongoing development strategies of major stakeholders in New York’s residential market.
On the Map
$550,000,000
$711/SF
Condo
View full map
Players
New York Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
Loading comparables…
Deal FAQ
Browse New York condo loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93