LMF Commercial Refinances Mixed-Use Property In Midtown East For $5.85M
214 E. 52nd St.
$5,850,000
$547/SF
Building Size
10,695 SF
Asset Type
Mixed-use
Closing
Jul 14, 2022
About this deal
AI
The mixed-use property at 214 E. 52nd St. in Midtown East has recently undergone a refinancing transaction. The property spans 10,695 square feet and is owned by Raba Abramov & Eldad Abramove.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $5,850,000
- Lender: LMF Commercial (A Lennar Co.) - Nihad Choudhury
- Landlord: Raba Abramov & Eldad Abramove
- Broker: Boris Zhabianski - Bazaq Capital
The loan for this transaction was provided by LMF Commercial, a subsidiary of Lennar Corporation. Nihad Choudhury represented the lender in the deal. The loan amount was $5,850,000 and the loan type is a refinance. The loan terms include a 10-year fixed term with 10 years of interest-only payments. Full equity recapture is also part of the loan terms.
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
2.71%
Cash-on-Cash
-0.77%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93