Updated May 12, 2025
360 Capital Funding Provides $56.25M Construction Loan For Hell's Kitchen And Kensington Condominiums
350 West 44th Street & 428 East 9th Street
$56,250,000
Building Size
—
Asset Type
Development Site
Closing
Nov 9, 2023
About this deal
AI
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.
On the Map
$56,250,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93