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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
Grant Frankel
Ethan Pond
+ 1

New York

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Condo773,169 SF
Financed 12/06/2024
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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
Grant Frankel
Ethan Pond
+ 1
Contact now

Summary

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

The transaction involves a condo located at 8 Spruce Street in the Financial District of Manhattan. The asset comprises 773,169 square feet and consists of 899 units. The loan amount associated with this refinance transaction is $550,000,000.

Summary of transaction details:

The key individuals involved in this transaction include Eric Enderlin representing NYC Housing Development Corporation as the lender, and Stephen A. Schwarzman from Blackstone Group acting as the landlord. The brokerage team from Eastdil Secured consists of Gary Phillips, Will Silverman, Grant Frankel, and Ethan Pond, who facilitated the transaction.

Players

Ethan Pond
28 deals$13.3B volume
BROKER

Gary Phillips
Eastdil Secured
91 deals$35.6B volume
BROKER

Grant Frankel
Eastdil Secured
36 deals$15.7B volume
BROKER

Will Silverman
Eastdil Secured
74 deals$28.8B volume
BROKER

NYC Housing Development Corporation
LENDER

Details

FINANCED
IMAGE: Gary Phillips, Will Silverman, Grant Frankel & Ethan Pond 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) BROKERS: Gary Phillips (@Garyty123), Will Silverman (@Wilverman1978), Grant Frankel & Ethan Pond (@EPonders) - Eastdil Secured (@EastdilSecured) LOAN AMOUNT: $550,000,000 LOAN TYPE: Refinance

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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