Eric Hanninen Secures $5.01M Acquisition Loan From Regional Business Assistance Corporation For Mixed-Use Property In Hell's Kitchen
369 West 46th Street
$5,014,374
$1,064/SF
Building Size
4,709 SF
Asset Type
Mixed-use
Closing
Apr 1, 2025
About this deal
AI
The property asset involved in this transaction is a mixed-use building located at 369 West 46th Street in the Hell's Kitchen market. It encompasses 4,709 square feet and includes 1 retail unit and 2 residential units. The landlord of the property is Eric Hanninen.
Summary of transation details:
- Property Type: Mixed-use
- Transaction Amount: $5,014,374
- Loan Type: Acquisition
- Loan Terms: 10 Year Fixed / 25 Year Amortization / 85 LTV
- Lender: Regional Business Assistance Corporation (RBAC)
- Lender's Representatives: Russell Nova, Igor Zakh, and Alexander Nemirovskiy - Cornerstone Capital Financing
The loan was strategically structured with input from the lender's representatives to align with the business plan associated with the property acquisition. This transaction involved complexities requiring extensive collaboration between the advisory firm and the lender, showcasing the significance of relationships in the financing process.
On the Map
$5,014,374
$1,064/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
3.16%
Cash-on-Cash
-0.90%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93