Updated Aug 6, 2025
Arden Group Secures $141.5M Refinance Loan For 222-Unit Building In Washington Heights
4650 Broadway
$141,500,000
Units
222
Asset Type
Industrial
Closing
Jul 28, 2025
About this deal
AI
The asset involved in this transaction is an industrial property located at 4650 Broadway in Washington Heights, Manhattan. The property has been financed with a loan amount of $141,500,000 as part of a refinance arrangement, replacing a previous loan of $150,000,000 from Banco Inbursa.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $141,500,000
- Lender: Barry Sternlicht - Starwood Property Trust
- Landlord: Craig A. Spencer - Arden Group
- Date: 07/28/2025
This transaction highlights the refinancing efforts by Arden Group, led by landlord Craig A. Spencer, as they move forward with their 222-unit residential building at the specified address. Barry Sternlicht represents Starwood Property Trust in this financing deal.
On the Map
$141,500,000
Industrial
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Players
New York Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93