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1597 2nd Avenue

Updated Feb 13, 2026

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

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

1597 2nd Avenue

$190,000,000

Units

128

Asset Type

MultiFamily

Closing

Feb 5, 2026

About this deal

AI

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.

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$190,000,000

MultiFamily

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Barings
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New York MultiFamily Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.08%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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