Castellan Capital Refinances Soho Mixed-Use Property For $8.25M With Meridian Capital Group
SoHo, New York
$8,250,000
$488/SF
Building Size
16,900 SF
Asset Type
Mixed-use
Closing
Oct 20, 2022
About this deal
AI
The asset involved in this transaction is a mixed-use property located in Soho, New York, NY, encompassing a total square footage of 16,900. The loan amount secured for this property is $8,250,000, which has been designated as a refinance. The terms of the loan include a rate of Prime + 2%, a duration of 24 months, and full-term interest-only payments.
Summary of transaction details:
- Property Type: Mixed-Use
- Transaction Amount: $8,250,000
- Lender: Castellan Capital - Steven Victor
- Loan Type: Refinance
- Loan Terms: Prime + 2%, 24 Month Term, Full Term Interest Only
- Brokers: Seth Grossman & John Bianco - Meridian Capital Group
In this transaction, Steven Victor from Castellan Capital serves as the lender. The brokers representing the deal are Seth Grossman and John Bianco from Meridian Capital Group, which is noted as America’s most active real estate finance and advisory firm, having closed over $55 billion in financing in 2021 across various property types.
On the Map
$8,250,000
$488/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
1.92%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93