Benjamin Shaoul's Magnum Real Estate Group Secures $25 Million Loan For 20-Unit Condo In Manhattan
815 Broadway
$25,000,000
Building Size
—
Asset Type
Condo
Closing
Jun 28, 2024
AI
The property asset involved in this transaction is a 20-unit condominium located at 815 Broadway in Greenwich Village, Manhattan. The construction loan secured for this project amounts to $25 million, facilitating the development of the condominium units in this prominent market.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $25,000,000
- Units: 20
- Lender: Israel Discount Bank
- Loan Type: Construction
- Landlord: Benjamin Shaoul
- Landlord's Agency: Magnum Real Estate Group
- Lender's Representatives: Elena Dokianos & Avi Lieberman
Key individuals involved in this transaction include Benjamin Shaoul, who is the landlord representing Magnum Real Estate Group, and the lender's representatives, Elena Dokianos and Avi Lieberman from Israel Discount Bank, who facilitated the construction loan for the project.
Players
New York Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93