Updated Oct 29, 2024
Delshah Capital Secures $180M Loan For Development Site On Morningside Drive
30 Morningside Drive, Manhattan, New York, NY, USA
$180,000,000
$678/SF
Building Size
265,216 SF
Asset Type
Development Site
Closing
Jan 3, 2021
About this deal
AI
A $180 million loan was secured for a development site located at 30 Morningside Drive in Morningside Heights. The property, which consists of 205 units, was financed by Arbor Realty Trust, with Alexander Kaushansky representing the lender. The landlord of the site is Delshah Capital, with Michael Shah as the representative.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $180,000,000
- Address: 30 Morningside Drive
- Market: Morningside Heights
The loan provided by Arbor Realty Trust, led by Alexander Kaushansky, allows for the development of the site on 30 Morningside Drive. Delshah Capital, represented by Michael Shah, serves as the landlord for this project.
Players
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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