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CIM Group Secures $83M Loan For 280 Properties In Hudson Square, Manhattan

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FINANCED
$83,000,000

New York

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Mixed-use221,800 SF
Financed 06/21/2023
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Property Image
FINANCED

CIM Group Secures $83M Loan For 280 Properties In Hudson Square, Manhattan

246 Spring St New York, NY 10013, USA

See Similar Deals
Mixed-use221,800 SF
Financed 06/21/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$374
Total Square Footage:221,800 SF
Transaction Type:Loan

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

AB CarVal Investors
AB CarVal Investors
LENDER
CIM Group
CIM Group
LANDLORD

Details

FINANCED
IMAGE: Richard Ressler, Avi Shemesh & Shaoul Kuba DATE: 06/21/2023 ADDRESS: 246 Spring Street MARKET: Hudson Square, Manhattan ASSET TYPE: Mixed-Use Condo ~ SF: 221,800 LENDER: AB CarVal Investors LANDLORD: CIM Group (@CIMGroup) LOAN AMOUNT: $83,000,000 NOTE: CIM Group has signed an $83 million loan agreement with AB CarVal Investors for a portfolio of 280 properties in Hudson Square, Manhattan.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$83,000,000.00

Monthly NOI$553,333.33
Monthly Debt Service$524,616.46
Change in Cash Flow$0.00
Refinance Proceeds$0.00