Updated Mar 17, 2025
The Jay Group Secures $115M Loan From Apollo Global Management For Development Site In Manhattan
401 West 207th Street
$115,000,000
Units
273
Asset Type
Development Site
Closing
Mar 4, 2025
About this deal
AI
The property asset involved in the transaction is a development site located at 401 West 207th Street in Manhattan, with a building square footage of 293,000. The property is part of a mixed-use project featuring 273 residential units. The total loan amount secured for this construction project is $115,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $115,000,000
- Address: 401 West 207th Street
- Market: Manhattan
- Asset Square Footage: 293,000
- Lender: Marc Rowan - Apollo Global Management
- Landlord: The Jay Group
- Broker: Henry Bodek - Galaxy Capital
- Loan Type: Construction
The Jay Group engaged Apollo Global Management for $115M in construction takeout financing to develop the mixed-use project. Key participants in this transaction include Marc Rowan representing Apollo Global Management and Henry Bodek from Galaxy Capital, who facilitated the deal for The Jay Group.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93