Ray Yadidi's Sioni Group Secures $158.5M Construction Loan For Manhattan High-Rise Project
100 West 37th Street
$158,500,000
$535/SF
Building Size
295,819 SF
Asset Type
MultiFamily
Closing
Apr 3, 2025
AI
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.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93