Benjamin Partners Secures $24M Refinance Loan From M&T Bank For Multifamily In SoHo
148 Mercer Street
$24,000,000
$1,098/SF
Building Size
21,852 SF
Asset Type
MultiFamily
Closing
Jul 16, 2025
AI
The property involved in this transaction is a multifamily asset located at 148 Mercer Street in the SoHo market of Manhattan. It has a building square footage of 24,500 and a total square footage of 21,852.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $24,000,000
- Address: 148 Mercer Street
- Market: SoHo, Manhattan
- Lender: M&T Bank
- Landlord: Benjamin Partners
- Loan Type: Refinance
- Prior Loan Amount: $19,000,000
Benjamin Partners secured this refinance loan from M&T Bank to replace a previous loan, illustrating their continuing investment in the mixed-use building at 577 Broadway in SoHo.
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
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93