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88 West Broadway

Fort Amsterdam Capital Provides $42M Bridge Loan For Mixed-Use Property In Tribeca
FINANCEDMixed-use

Fort Amsterdam Capital Provides $42M Bridge Loan For Mixed-Use Property In Tribeca

88 West Broadway

$42,000,000

Building Size

Asset Type

Mixed-use

Closing

Jan 12, 2024

AI

The loan, totaling $42,000,000, was provided by Fort Amsterdam Capital, represented by Evan O'Connor & David Schwartz. The loan is categorized as a bridge loan. It is collateralized by a mixed-use assemblage located at 74 Warren Street, 72 Warren Street, 80 West Broadway, and 88 West Broadway in the Tribeca neighborhood of Manhattan. The assemblage includes a development site, a mixed-use building, and residential condominiums. The loan transaction involves the 6R Capital Group as the landlord.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $42,000,000
  • Lender: Fort Amsterdam Capital - Evan O'Connor & David Schwartz
  • Landlord: 6R Capital Group

The loan provided by Fort Amsterdam Capital, represented by Evan O'Connor & David Schwartz, is secured by the mixed-use assemblage, incorporating 74 Warren Street, 72 Warren Street, 80 West Broadway, and 88 West Broadway. This collateral encompasses a development site, a mixed-use building, and residential condominiums. The loan transaction was executed with the involvement of the 6R Capital Group as the landlord.

Players

Fort Amsterdam Capital
Fort Amsterdam CapitalLender

New York Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.38%

Cash-on-Cash

-0.11%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93