Redburn Development Partners Secures $19.75M Refinance Loan From Montgomery Street Partners For 21 Erie Boulevard
FINANCED
$19,750,000
New York
See Similar DealsMultiFamily287,072 SF
Financed 02/05/2025
FINANCED
Redburn Development Partners Secures $19.75M Refinance Loan From Montgomery Street Partners For 21 Erie Boulevard
21 Erie Boulevard
See Similar DealsMultiFamily287,072 SF
Financed 02/05/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$68
Total Square Footage:287,072 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$19,750,000.00
Monthly NOI$131,666.67
Monthly Debt Service$124,833.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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