LMF Commercial Acquires 9-Unit Mixed-Use Property In Flatiron For $3.97M
29 West 27th Street, New York, NY, USA
$3,970,000
$433/SF
Building Size
9,165 SF
Asset Type
Mixed-use
Closing
Oct 21, 2021
About this deal
AI
Located at 29 West 27th Street in the Flatiron neighborhood, this mixed-use property consists of 9 units. The property was recently involved in a closed transaction, details of which are outlined below.
Summary of Transaction Details
- Property Type: Mixed-use
- Loan Amount: $3,970,000
- Loan Type: Acquisition loan
- Loan Terms: CMBS: 10 year, Full Term IO
- Address: 29 West 27th Street
- Market: Flatiron
- Landlord: Mohammed Mahmood
The lender for this transaction was LMF Commercial, a subsidiary of Lennar Corporation. The loan was facilitated by Nihad Choudhury, representing LMF Commercial. The broker involved in the deal was Michael Charnam from MCS Capital.
On the Map
$3,970,000
$433/SF
Mixed-use
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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
4.00%
Cash-on-Cash
-1.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93