Updated Dec 4, 2024
Michael Naftali Secures $177.5M Loan For Upper West Side Development Site
207 East 84th Street & 211 East 84th Street
$177,500,000
$846/SF
Building Size
104,810 SF
Asset Type
Development Site
Closing
Mar 8, 2024
About this deal
AI
Located at 211 West 84th Street in the Upper West Side of Manhattan, the development site for a 45-unit condominium project secured a $177.5 million construction loan from Bank Hapoalim. The loan was obtained by Miki Naftali of the Naftali Group.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $177,500,000
- Asset Size: 104,810 SF
- Number of Units: 45
- Lender: Bank Hapoalim (BHI)
- Landlord: Miki Naftali - Naftali Group
- Market: Upper West Side, Manhattan
- Miki Naftali secured the loan for a 45-unit condominium project at 211 West 84th Street.
The Naftali Group, led by Miki Naftali, successfully closed the deal with Bank Hapoalim for the construction financing of the development site at 211 West 84th Street. The project is poised to bring 45 new units to the Upper West Side, contributing to the vibrant real estate landscape of Manhattan.
Players
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Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93