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Michael Mandelbaum Secures $57M Loan From Madison Realty Capital For Condo Development In Soho
FINANCED
$57,000,000
New York
See Similar DealsDevelopment Site
Financed 08/04/2025
FINANCED
Michael Mandelbaum Secures $57M Loan From Madison Realty Capital For Condo Development In Soho
32 Thompson Street
See Similar DealsDevelopment Site
Financed 08/04/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 32 Thompson Street in Soho, Manhattan, with a loan amount secured of $57,000,000 for land and predevelopment of an 81-unit luxury condo project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $57,000,000
- Lender: Josh Zegen - Madison Realty Capital
- Landlord: Michael Mandelbaum & Extended Management
The transaction was facilitated by a joint venture led by Michael Mandelbaum and Extended Management, which secured financing from Madison Realty Capital for the stated development project.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$57,000,000.00
Monthly NOI$380,000.00
Monthly Debt Service$360,278.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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