Updated Oct 29, 2024
Signature Bank And Keysite Capital Provide $78M Loan For Multifamily Portfolio In Morningside Heights
111 West 104th Street, New York, NY, USA
$78,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Dec 4, 2018
About this deal
AI
Novel Property Ventures has secured a $78 million loan for a multifamily portfolio in Morningside Heights. The portfolio includes properties at 111 West 104th Street, 242 West 109th Street, 3143 Broadway, 3147 Broadway, 3149 Broadway, and 500 Cathedral Parkway. The loan was provided by Signature Bank and Keysite Capital. NKF Capital Markets' Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, and Jason Deck represented Novel Property Ventures in the deal.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $78,000,000
- Lender: Signature Bank, Keysite Capital
- Landlord: Novel Property Ventures
- Brokers: NKF Capital Markets' Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, and Jason Deck
This transaction represents an important step for Novel Property Ventures in expanding their multifamily portfolio in the Morningside Heights market. The loan provided by Signature Bank and Keysite Capital will support their growth and strategic objectives in the area. The involvement of NKF Capital Markets' experienced brokers highlights the significance of this deal in the real estate industry.
On the Map
$78,000,000
MultiFamily
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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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93