Maxim Capital, Sabal Investment Holdings & GDSNY Refinance Chelsfield & RAM Holdings' Soho Property For $50M
114 Crosby Street
$50,000,000
$347/SF
Building Size
144,000 SF
Asset Type
Mixed-use
Closing
Jul 17, 2024
AI
The property located at 114 Crosby Street in the SoHo market is a mixed-use asset comprising 144,000 square feet. The transaction involves a refinance loan amounting to $50 million. The property is currently undergoing redevelopment and has been newly renovated as a class-A boutique office space.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $50,000,000
- Address: 114 Crosby Street
- Market: Soho
- Asset Size: 144,000 SF
- Lender: Maxim Capital, Sabal Investment Holdings & GDSNY
- Landlord: Chelsfield & RAM Holdings
- Loan Type: Refinance
The financing will facilitate further tenant fit-outs and support the lease-up process of the 12-story building. Key individuals involved in the transaction include Alan Rudikoff, Jason Bordenick, Michael Kirchmann, Adam Glick, and Tal Seder, who are associated with the financing entities.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93