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Ray Yadidi's Sioni Group Secures $158.5M Construction Loan For Manhattan High-Rise Project
FINANCED
$158,500,000
New York
See Similar DealsMultiFamily295,819 SF
Financed 04/03/2025
FINANCED
Ray Yadidi's Sioni Group Secures $158.5M Construction Loan For Manhattan High-Rise Project
100 West 37th Street
See Similar DealsMultiFamily295,819 SF
Financed 04/03/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$535
Total Square Footage:295,819 SF
Transaction Type:Loan
A construction loan of $158,500,000 has been secured for a multifamily asset located at 100 West 37th Street in Manhattan's Garment District. The property has a total square footage of 295,819 and consists of a high-rise building featuring 300 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $158,500,000
- Asset Address: 100 West 37th Street
- Market: Garment District, Manhattan
- Lender: William J. McMorrow - Kennedy Wilson, Marc Adee - Crum & Forster Insurance; OdysseyRe
- Landlord: Ray Yadidi - Sioni Group
- Loan Type: Construction
Ray Yadidi represents Sioni Group in this transaction, which involves a collaboration with Kennedy Wilson, Crum & Forster, and OdysseyRe for the financing necessary to develop the proposed high-rise structure.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$158,500,000.00
Monthly NOI$1,056,666.67
Monthly Debt Service$1,001,827.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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