$145M Construction Loan Secured By Torkian Group For Development Site In Yorkville, Manhattan
FINANCED
$145,000,000
New York
See Similar DealsDevelopment Site240 SF
FINANCED
$145M Construction Loan Secured By Torkian Group For Development Site In Yorkville, Manhattan
250 East 83rd Street, New York City, New York 10028, United States
See Similar DealsDevelopment Site240 SF
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$604,166
Total Square Footage:240 SF
Transaction Type:Loan
The property involved in this closed transaction is a development site located at 250 East 83rd Street in the Yorkville neighborhood of Manhattan. The site spans approximately 240,000 square feet and is designated for the construction of 128 units. The transaction took place on November 23, 2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $145,000,000
- Address: 250 East 83rd Street, Yorkville, Manhattan
- Market: Yorkville, Manhattan
- Size: 240,000 SF
- Units: 128
The lender in this deal was Valley National Bank, providing a construction loan of $145,000,000. The landlord of the property is Torkian Group, led by Hersel Torikian.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$145,000,000.00
Monthly NOI$966,666.67
Monthly Debt Service$916,498.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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