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360 Capital Funding Provides $56.25M Construction Loan For Hell's Kitchen And Kensington Condominiums

Property Image
FINANCED
$56,250,000

New York

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Development Site
Financed 11/09/2023
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Property Image
FINANCED

360 Capital Funding Provides $56.25M Construction Loan For Hell's Kitchen And Kensington Condominiums

350 West 44th Street & 428 East 9th Street

See Similar Deals
Development Site
Financed 11/09/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

The asset involved in the transaction consists of construction with a total of 105 residential condominiums and 2 commercial condominiums located at 350 West 44th Street in Hell's Kitchen, Manhattan and 428 East 9th Street in Kensington, Brooklyn. The loan amount secured for this property is $56,250,000, designated specifically for construction purposes.

Summary of transaction details:

  • Property Type: Construction
  • Transaction Amount: $56,250,000
  • Lender: Andy Waldman - 360 Capital Funding
  • Broker: Max Ralby - HKS Real Estate Advisors
  • Market: Hell's Kitchen, Manhattan & Kensington, Brooklyn

Key individuals involved in the transaction include lender Andy Waldman representing 360 Capital Funding and broker Max Ralby from HKS Real Estate Advisors, both of whom played crucial roles in facilitating this loan arrangement for the construction project.

Players

Max Ralby
Newmark
Max Ralby
74 deals$3.8B volume
BROKER
360 Capital Funding
360 Capital Funding
LENDER
360 Capital Funding
360 Capital Funding
LENDER

Details

FINANCED
IMAGE: Max Ralby & Andy Waldman DATE: 11/09/2023 ADDRESS: 350 West 44th Street & 428 East 9th Street MARKET: Hell's Kitchen, Manhattan & Kensington, Brooklyn ASSET TYPE: Construction (105 Residential Condominiums & 2 Commercial Condominiums) LENDER: Andy Waldman - 360 Capital Funding BROKER: Max Ralby (@MaxRalby) - HKS Real Estate Advisors (@HKSRealEstateAdvisors) LOAN AMOUNT: $56,250,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$56,250,000.00

Monthly NOI$375,000.00
Monthly Debt Service$355,538.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00