Updated Nov 28, 2024
Deutsche Bank Provides $145M Refinance Loan For Multifamily Building At 180 Broome St. Lower East Side
180 Broome Street, New York City, New York 10002, United States
$145,000,000
$622/SF
Building Size
233,000 SF
Asset Type
MultiFamily
Closing
Jun 8, 2022
About this deal
AI
The Artisan at Essex Crossing, located at 180 Broome St. in the Lower East Side, is a multifamily property with 263 units. The property spans 233,000 square feet and is owned by Taconic Partners, L+M Development, BFC Partners, and Goldman Sachs. The loan, totaling $145,000,000, was secured from Deutsche Bank for the purpose of refinancing the property. The transaction took place on June 9, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $145,000,000
- Address: 180 Broome St.
- Market: Lower East Side
- Square Footage: 233,000
- Units: 263
The brokers involved in the deal were Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Mo Beler, and Sean Reimer from Walker & Dunlop. They represented the parties involved in the transaction. It is worth noting that Taconic Partners, L+M Development, BFC Partners, and Goldman Sachs acted as the landlords in this deal.
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
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93