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Hakimian Organization Secures $10 Million Loan For Nolita Multifamily Property

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FINANCED
$10,000,000

New York

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MultiFamily67,300 SF
Financed 06/24/2021
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FINANCED

Hakimian Organization Secures $10 Million Loan For Nolita Multifamily Property

227-233 Mulberry Street, Manhattan, New York, NY, USA

See Similar Deals
MultiFamily67,300 SF
Financed 06/24/2021
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$148
Total Square Footage:67,300 SF
Transaction Type:Loan

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.

Players

LENDER

Details

FINANCED
IMAGE: Steve Bush DATE: 06/24/2021 ADDRESS: 227-233 Mulberry Street MARKET: Nolita ASSET TYPE: Multifamily LENDER: Apple Bank For Savings LANDLORD: Hakimian Organization LOAN AMOUNT: $10,000,000 SF: 67,300 UNITS: 51

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$10,000,000.00

Monthly NOI$66,666.67
Monthly Debt Service$63,206.80
Change in Cash Flow$0.00
Refinance Proceeds$0.00