Derby Copeland Capital Provides $128.24 Million Acquisition Loan For East Village Mixed-Use Properties
141 2nd Avenue, 156 2nd Avenue, 145-147 2nd Avenue, 151-153 2nd Avenue, 149 2nd Avenue, 157 2nd Avenue, 127 2nd Avenue, 129 2nd Avenue & 36 Saint Marks Place
$128,237,589
$88/SF
Building Size
161,356 SF
Asset Type
Mixed-use
Closing
Jun 27, 2024
About this deal
AI
The transaction involves nine mixed-use buildings located at 141 2nd Avenue, 145-147 2nd Avenue, 149 2nd Avenue, 151-153 2nd Avenue, 156 2nd Avenue, 157 2nd Avenue, 127 2nd Avenue, 129 2nd Avenue, and 36 Saint Marks Place in the East Village market of Manhattan. The total square footage of these assets is 161,356, and the loan amount secured for this acquisition is $128,237,589.
Summary of transation details:
- Property Type: Mixed-use
- Transaction Amount: $128,237,589
- Lender: Derby Copeland Capital
- Landlord: Ryco Capital
- Broker: Sean Bastian, Aaron Appel, Keith Kurland, Adam Schwartz & Jonathan Schwartz - Walker & Dunlop
- Loan Type: Acquisition
- Acquisition Financing: $104,706,660
- Renovation Funding: $23,530,929
Derby Copeland Capital structured the loan with acquisition financing through a first-priority mortgage loan and provides additional renovation funding secured by the nine buildings. Derby Copeland Capital is a private equity firm based in New York City specializing in opportunistic real estate-related debt financing.
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
0.12%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93