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Peter Hungerford, David Kaye & Joe Listhaus Secure $66M Loan For 14 Building Multifamily Portfolio

Property Image
FINANCED
$66,000,000

New York

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MultiFamily1 SF
Financed 09/20/2024
the dealplayerscompscontact
Property Image
FINANCED

Peter Hungerford, David Kaye & Joe Listhaus Secure $66M Loan For 14 Building Multifamily Portfolio

MultiFamily1 SF
Financed 09/20/2024
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$66,000,000
Total Square Footage:1 SF
Transaction Type:Loan

A 14-building multifamily portfolio located in Brooklyn and Upper Manhattan consists of 726 units, primarily rent-stabilized, and is 97% occupied. The portfolio is reported to be in excellent condition, and it is being financed with a non-recourse loan of $66 million. The loan features a 70% loan-to-value ratio and includes two years of interest-only payments with flexible extension options.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $66,000,000
  • Lender: BridgeInvest
  • Landlord: Peter Hungerford, David Kaye & Joe Listhaus
  • Broker: Brian Flax - Meridian Capital Group
  • Units: 726

The financing was arranged by Meridian Capital Group, led by Executive Vice President Brian Flax along with Senior Managing Director Morris Betesh. The sponsors, Peter Hungerford of PH Realty and David Kaye of Rockledge, plan to leverage their operational expertise to enhance the portfolio's management.

Players

Brian Flax
Meridian Capital Group
Brian Flax
13 deals$266.6M volume
BROKER

Details

FINANCED
IMAGE: Brian Flax, Peter Hungerford, David Kaye & Joe Listhaus DATE: 09/20/2024 ADDRESS: NYC 14 Building Multifamily Portfolio MARKET: Brooklyn & Upper Manhattan ASSET TYPE: MultiFamily ~ UNITS: 726 LENDER: BridgeInvest LANDLORD: Peter Hungerford, David Kaye & Joe Listhaus BROKER: Brian Flax - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $66,000,000 LOAN TYPE: Acquisition NOTE FROM BROKER: Meridian Capital Group arranged $66 million in acquisition financing for a 14-building, 726-unit multifamily portfolio in Brooklyn and Upper Manhattan. The portfolio, primarily rent-stabilized, is 97% occupied and in excellent condition. The non-recourse loan, provided by BridgeInvest, features a 70% loan-to-value ratio and two years of interest-only payments, with flexible extension options. The sponsors, Peter Hungerford of PH Realty and David Kaye of Rockledge, plan to leverage their experience to enhance operations. The financing was led by a team consisting of Executive Vice President Brian Flax, along with Senior Managing Director Morris Betesh. To learn more about Meridian’s unique deal structuring abilities, contact Brian Flax at 212-612-0207 &UpperManhattan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$66,000,000.00

Monthly NOI$440,000.00
Monthly Debt Service$417,164.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00