Updated Oct 28, 2024
Hakimian Organization Secures $10 Million Loan For Nolita Multifamily Property
227-233 Mulberry Street, Manhattan, New York, NY, USA
$10,000,000
$148/SF
Building Size
67,300 SF
Asset Type
MultiFamily
Closing
Jun 23, 2021
About this deal
AI
The multifamily property located at 227-233 Mulberry Street in Nolita has recently undergone a loan transaction. The loan was provided by Apple Bank For Savings to the Hakimian Organization, the landlord of the property. The loan amount for this transaction was $10,000,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $10,000,000
- Address: 227-233 Mulberry Street
- Market: Nolita
- Lender: Apple Bank For Savings
- Landlord: Hakimian Organization
With a total square footage of 67,300, this multifamily property comprises 51 units. The loan transaction between Apple Bank For Savings and the Hakimian Organization has provided the necessary financial support for the property.
On the Map
$10,000,000
$148/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93