CIM Group Secures $83M Loan For 280 Properties In Hudson Square, Manhattan
246 Spring St New York, NY 10013, USA
$83,000,000
$374/SF
Building Size
221,800 SF
Asset Type
Mixed-use
Closing
Jun 21, 2023
AI
CIM Group has signed an $83 million loan agreement with AB CarVal Investors for a portfolio of 280 properties in Hudson Square, Manhattan. The portfolio consists of mixed-use condos with a total square footage of 221,800. The properties are located at 246 Spring Street in the Hudson Square market.
Summary of transaction details
- Property Type: Mixed-Use Condo
- Transaction Amount: $83,000,000
- Address: 246 Spring Street
- Market: Hudson Square, Manhattan
- Lender: AB CarVal Investors
- Landlord: CIM Group
The loan agreement was inked by CIM Group and AB CarVal Investors for the portfolio of 280 properties in Hudson Square, Manhattan. CIM Group will be the landlord of these mixed-use condos located at 246 Spring Street. The loan amount for this transaction is $83 million, secured from AB CarVal Investors.
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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93