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Torkian Group Secures $190 Million Refinance Loan From Barings For Yorkville Multifamily Property

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FINANCED
$190,000,000

New York

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MultiFamily
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FINANCED

Torkian Group Secures $190 Million Refinance Loan From Barings For Yorkville Multifamily Property

1597 2nd Avenue

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MultiFamily
Financed
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan

The property asset involved in this transaction is a 128-unit residential building located at 1597 2nd Avenue in the Yorkville market of Manhattan. The asset has a total square footage of 215,608 and is part of a refinancing deal with a loan amount of $190,000,000. This transaction reflects an increase from a prior loan amount of $145,000,000.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $190,000,000
  • Lender: Barings
  • Landlord: Hersel Torkian
  • Agency: Torkian Group
  • Previous Loan Amount: $145,000,000

The key individuals involved in the deal include Hersel Torkian, representing the Torkian Group as the landlord. The refinancing through 83 Owners LLC is significant in terms of the capital structure of the property.

Players

Barings
Barings
LENDER
TG
Torkian Group
LANDLORD

Details

FINANCED
IMAGE: Hersel Torkian DATE: 02/05/2026 ADDRESS: 1597 2nd Avenue MARKET: Yorkville, Manhattan ASSET TYPE: MultiFamily ~ SF: 215,608 LENDER: Barings LANDLORD: Hersel Torkian - Torkian Group LOAN AMOUNT: $190,000,000 LOAN TYPE: Refinance NOTE: Torkian Group, via 83 Owners LLC, refinanced its 128-unit Yorkville residential building at 1597 Second Avenue with Barings for $190M, up from a prior $145M loan.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$190,000,000.00

Monthly NOI$1,266,666.67
Monthly Debt Service$1,200,929.24
Change in Cash Flow$0.00
Refinance Proceeds$0.00