Marathon Asset Management Secures $120 Million Construction Loan For 125 Perry Street Multifamily Development
125 Perry Street
$120,000,000
$3,127/SF
Building Size
38,369 SF
Asset Type
MultiFamily
Closing
Dec 3, 2024
AI
The asset involved in this transaction is a multifamily property located at 125 Perry Street in the West Village market. This property has a total square footage of 38,369 and consists of 7 units. The construction loan for this project amounts to $120,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $120,000,000
- Address: 125 Perry Street
- Market: West Village
- Unit Count: 7
- Loan Type: Construction
- Lender: Bruce Richards, Joseph Griffin & Henry Newberry - Marathon Asset Management
- Landlord: Alf Naman - Alf Naman Development & Russell Gimelstob - Ascendant Capital Partners
- Brokers: Nick Scribani & Jordan Roeschlaub - Newmark
This transaction highlights the collaborative efforts among key players, including Marathon Asset Management's Commercial Real Estate team, led by Managing Director Joseph Griffin, who worked closely with the sponsor, Alf Naman Development, and their equity partner, Ascendant Capital Partners, to structure the construction loan.
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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93