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116 John Street

Updated Dec 4, 2024

Bilt advertisement
Apollo Global Management Provides $150M Financing For Multifamily Property In Manhattan
FINANCEDMultiFamily

Apollo Global Management Provides $150M Financing For Multifamily Property In Manhattan

116 John Street

$150,000,000

Units

416

Asset Type

MultiFamily

Closing

Apr 5, 2024

About this deal

AI

The 416-unit apartment property at 116 John Street in lower Manhattan has received $150 million of senior mortgage financing. The loan was provided by Athene Annuity & Life Co and Apollo Global Management, as two affiliates of Apollo Global Management collaborated to finance the property.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $150,000,000
  • Address: 116 John Street
  • Market: Manhattan
  • Lender: Athene Annuity & Life Co; Apollo Global Management
  • Landlord: Marty Burger - Silverstein Properties

Marty Burger, the landlord of the property at 116 John Street, partnered with Silverstein Properties in securing the $150 million senior mortgage financing. The lenders involved in the transaction, Athene Annuity & Life Co along with Apollo Global Management, worked together to provide the necessary funding for this multifamily asset located in Manhattan.

Players

Athene
AtheneLender

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

0.11%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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