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Stephen A. Schwarzman Of Blackstone Group Secures $550M Refinance Loan For 8 Spruce Street

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FINANCED
$550,000,000

New York

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Condo773,169 SF
Financed 12/06/2024
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Property Image
FINANCED

Stephen A. Schwarzman Of Blackstone Group Secures $550M Refinance Loan For 8 Spruce Street

8 Spruce Street

See Similar Deals
Condo773,169 SF
Financed 12/06/2024
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Condo
Price Per Square Foot:$711
Total Square Footage:773,169 SF
Transaction Type:Loan

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.

Players

NYC Housing Development Corporation
NYC Housing Development Corporation
LENDER

Details

FINANCED
IMAGE: Stephen A. Schwarzman & Eric Enderlin DATE: 12/06/2024 ADDRESS: 8 Spruce Street MARKET: Financial District, Manhattan ASSET TYPE: Condo ~ SF: 773,169 ~ UNITS: 899 LENDER: Eric Enderlin - NYC Housing Development Corporation LANDLORD: Stephen A. Schwarzman - Blackstone Group (@Blackstone) LOAN AMOUNT: $550,000,000 LOAN TYPE: Refinance NOTE: Blackstone Group refinanced its 899-unit rental condo at 8 Spruce Street, Manhattan, securing a $550 million loan with the NYC Housing Development Corporation, closing December 6, 2024.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$550,000,000.00

Monthly NOI$3,666,666.67
Monthly Debt Service$3,476,374.13
Change in Cash Flow$0.00
Refinance Proceeds$0.00