Updated Dec 4, 2024
Stellar Management Refinances East Village Multifamily Property For $25.4M Loan
223 2nd Avenue, New York City, New York 10003, United States
$25,370,210
$401/SF
Building Size
63,158 SF
Asset Type
MultiFamily
Closing
Apr 14, 2022
About this deal
AI
Located in the East Village neighborhood of New York City, the multifamily property at 223 Second Avenue has recently undergone a refinancing deal. Owned by Stellar Management, the building consists of 83 units and spans approximately 63,158 square feet. The transaction, which took place on April 15, 2022, involved a loan amount of $25,370,210.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $25,370,210
- Address: 223 Second Avenue, East Village
- Market: East Village
- Square Footage: 63,158
- Units: 83
The loan for this refinancing deal was provided by New York Community Bank. Serving as the lender, they facilitated the transaction for Stellar Management. This transaction represents an important financial step for the property and reinforces Stellar Management's commitment to maintaining and improving their multifamily asset in the East Village.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93