Sioni Group Secures $48 Million Construction Loan From Valley National Bank For Garment District Project
28 West 37th Street
$48,000,000
Units
95
Asset Type
Mixed-use
Closing
Jun 5, 2026
About this deal
AI
A construction loan of $48 million was secured for a mixed-use project located at 28 West 37th Street in Manhattan’s Garment District. This project encompasses a 95-unit residential building with a total square footage of 85,894. The asset is positioned in a prominent market, contributing to the metropolitan landscape.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $48,000,000
- Address: 28 West 37th Street
- Market: Garment District, Manhattan
- Lender: Valley National Bank
- Landlord: Ray Yadidi & Jack Yadidi - Sioni Group
- Loan Type: Construction
Sioni Group, represented by 28 W 37 LLC, is behind the financing of this project, showcasing the collaborative effort of Ray Yadidi and Jack Yadidi in this development venture. Their partnership aims to enhance the Garment District with this significant construction initiative.
On the Map
$48,000,000
Mixed-use
View full map
Players
West Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Deal FAQ
Browse New York mixed use loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93