Ralph Gelley Of Sheridan Capital Secures $4.1M Bridge Loan For Soho Multifamily Property
180 Spring Street
$4,100,000
$985/SF
Building Size
4,160 SF
Asset Type
MultiFamily
Closing
Dec 20, 2024
AI
The property asset is a multifamily building located at 180 Spring Street in the Soho market, encompassing 4,160 square feet. The transaction involved a loan amount of $4,100,000 classified as a bridge loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $4,100,000
- Loan Type: Bridge
- Lender: Sheridan Capital
- Broker: GPARENCY
- Date: 12/20/2024
The transaction was facilitated by Sheridan Capital as the lender, with GPARENCY acting in the role of broker. This arrangement highlights the collaboration between the financial institution and brokerage firm within the context of the loan agreement.
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
3.87%
Cash-on-Cash
-1.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93