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Eric Hanninen Secures $5.01M Acquisition Loan From Regional Business Assistance Corporation For Mixed-Use Property In Hell's Kitchen

Property Image
FINANCED
$5,014,374
Igor Zakh
Alexander (Alex Nem) Nemirovskiy
Russell Nova

New York

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Mixed-use4,709 SF
Financed 04/02/2025
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Property Image
FINANCED

Eric Hanninen Secures $5.01M Acquisition Loan From Regional Business Assistance Corporation For Mixed-Use Property In Hell's Kitchen

369 West 46th Street

See Similar Deals
Mixed-use4,709 SF
Financed 04/02/2025
Igor Zakh
Alexander (Alex Nem) Nemirovskiy
Russell Nova
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,064
Total Square Footage:4,709 SF
Transaction Type:Loan

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:

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.

Players

Russell Nova
Cornerstone Capital Financing
Russell Nova
76 deals$491.1M volume
BROKER
Alexander (Alex Nem) Nemirovskiy
Cornerstone Capital Financing
Alexander Nemirovskiy
39 deals$178.1M volume
BROKER
Igor Zakh
Cornerstone Capital Financing
Igor Zakh
46 deals$287.8M volume
BROKER

Details

FINANCED
IMAGE: Igor Zakh, Russell Nova & Alexander Nemirovskiy DATE: 04/25/2025 ADDRESS: 369 West 46th Street MARKET: Hell's Kitchen ASSET TYPE: Mixed-use (1 Retail & 2 Resi) ~ SF: 4,709 ~ UNITS: 3 LENDER: Regional Business Assistance Corporation (RBAC) LANDLORD: Eric Hanninen LENDER'S REP: Russell Nova (@RussellNova), Igor Zakh (@Igor_Zakh) & Alexander (Alex Nem) Nemirovskiy (@Alex_Nem) - Cornerstone Capital Financing (@CornerstoneCapitalofNY) LOAN AMOUNT: $5,014,374 LOAN TYPE: Acquisition LOAN TERMS: 10 Year Fixed / 25 Year Amortization / 85 LTV NOTE FROM LENDER'S REP: @CornerstoneCapitalofNY strategically worked with the sponsor to ensure he received the highest LTV coming into this property while Purchasing the Asset and the Business. and the TEAM worked with our Lender relationship to ensure we structured the loan specifically to work hand in hand with the Business plan. This was certainly not an easy loan to get done with many moving parts. Its today's credit environment, it Really matters on WHO YOU KNOW and the Trust that is instilled between the Advisory Firm and the Lender. Thank you for your Glad we were able to get this done for the Brokers! Contact US and yourself at the CLOSING TABLE. Russell Nova, Principal [email protected] 917 559 1820 - Cell Igor Zakh, Operating Officer [email protected] 917 567 1646 - Cell Alexnader Nemirovsky, Credit Manager [email protected] 347 751 5232 - Cell

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$5,014,374.00

Monthly NOI$33,429.16
Monthly Debt Service$31,694.25
Change in Cash Flow$0.00
Refinance Proceeds$0.00