Updated Feb 16, 2024
Russell Nova & Mclean Gordon Acquire Multifamily Property In Staten Island For $12.2M With Lender Argentic And Landlord Ben Russi
224 Richmond Terrace, Staten Island, NY 10301, USA
$12,200,000
$207/SF
Building Size
58,792 SF
Asset Type
MultiFamily
Closing
Jul 30, 2019
About this deal
AI
The multifamily property located at 224 Richmond Terrace in Staten Island, St George, has recently undergone a closed transaction. The property, owned by Ben Russi, has attracted the attention of various parties involved in the deal.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $12,200,000
- Lender: Argentic
- Landlord: Ben Russi
- Brokers: Russell Nova – Principal, Mclean Gordon – Analyst @cornerstone_capital
- Loan Terms: 10 Year Interest Only
Russell Nova, representing Cornerstone Capital as a Principal, and Mclean Gordon, an Analyst at the same firm, were instrumental in facilitating this transaction. With a long-term commitment to this property, the sponsors have displayed their confidence and vision for its future success.
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
1.30%
Cash-on-Cash
-0.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93