Updated May 12, 2025
Redburn Development Partners Secures $19.75M Refinance Loan From Montgomery Street Partners For 21 Erie Boulevard
21 Erie Boulevard
$19,750,000
$68/SF
Building Size
287,072 SF
Asset Type
MultiFamily
Closing
Feb 5, 2025
About this deal
AI
The asset involved in this transaction is a multifamily property located at 21 Erie Boulevard in Albany. It encompasses a total square footage of 287,072 and consists of 274 units. The loan amount associated with this property is $19,750,000, which is designated for refinance purposes.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $19,750,000
- Asset Size: 287,072 SF
- Units: 274
- Lender: Montgomery Street Partners
- Landlord: Redburn Development Partners
- Broker: Mark McClure - GenX Capital Partners
- Loan Type: Refinance
The financing arrangement involves a collaboration of Montgomery Street Partners with JP Morgan and Key Bank for the ground lease financing, indicative of a structured financial approach for the property.
Menands 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
0.80%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93