Updated Feb 14, 2025
Morris Betesh, Brandon Serota & Omar Ferreira Of Arrow Real Estate Advisors Secures $106.7M Loan For Downtown Manhattan Development Site
$17,000,000
$17,000,000/SF
Building Size
1 SF
Asset Type
Development Site
Closing
Feb 7, 2025
About this deal
AI
The property involved is a development site located in Downtown Manhattan, associated with a loan amount of $106,700,000. The asset is designated for development purposes and has secured a land loan type for financing.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $106,700,000
- Loan Type: Land
- Market: Downtown Manhattan
- Broker: Morris Betesh, Brandon Serota & Omar Ferreira - Arrow Real Estate Advisors
The key individuals in this transaction are Morris Betesh, Brandon Serota, and Omar Ferreira, representing Arrow Real Estate Advisors in this deal. Their involvement is essential in facilitating the transaction and coordinating the necessary agreements concerning the development site.
Players
Market 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
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93