Derby Copeland Capital Closes $9M Acquisition & Renovation Loan For Mixed-Use Building On Upper East Side
1571-1573 3rd Avenue
$9,000,000
$512/SF
Building Size
17,560 SF
Asset Type
Mixed-use
Closing
Jul 15, 2022
About this deal
AI
The first-priority mortgage loan for the mixed-use buildings at 1571-1573 Third Avenue has been closed by Derby Copeland Capital. The loan amount of $9,000,000 will be used for the acquisition of the buildings and to finance the renovation proceeds during the borrower's full gut renovation of the property. The buildings are located in the Upper East Side market and have a total square footage of 17,560. Lion Capital and Highstone Capital are the landlords of the properties.
Summary of transaction details:
- Property Type: Mixed-Use
- Transaction Amount: $9,000,000
- Address: 1571-1573 3rd Ave.
- Market: Upper East Side
- Square Footage: 17,560 SF
Daniel Fromm from Newmark represented the borrower in this deal, acting as the broker. Derby Copeland Capital is a New York City-based private equity firm specializing in opportunistic real estate-related debt financing and equity investments. For any loan, preferred equity, and equity opportunities, inquiries can be sent to [email protected].
Players
Rawalpindi 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
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93