David Halpern Of Atlantic Realty Development Corporation Secures $102.6 Million Refinance For 337-unit Property In Penn Plaza
883 6th Avenue, 885 Sixth Avenue Manhatta & 885 6th Avenue
$102,600,000
Units
337
Asset Type
Mixed-use
Closing
Jun 30, 2026
AI
The transaction involves a mixed-use property located at 883 6th Avenue and 885 6th Avenue in the Penn Plaza market of Manhattan, consisting of 337 units. The property has undergone a refinance process, securing a substantial loan amount to replace existing debt.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $102,600,000
- Lender: Northwestern Mutual Life Insurance
- Landlord: David Halpern - Atlantic Realty Development Corporation
- Loan Type: Refinance
- Original Debt Amount: $185,000,000 from MetLife
- Transaction Date: June 30, 2026
- Record Date: July 20, 2026
The refinancing was executed by Atlantic Realty Development, through Tower 111 LLC. This deal marks a significant financial maneuver, providing the necessary capital while replacing the prior MetLife debt.
Players
Avenue 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
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93