Real Estate Equities Corp Secures $79M Construction Loan For East Village Multifamily Project
23 3rd Ave, New York, NY 10003, USA
$79,000,000
$19,849/SF
Building Size
3,980 SF
Asset Type
MultiFamily
Closing
Oct 31, 2019
AI
A closed property transaction took place in East Village involving three properties: 23 3rd Avenue, 25 3rd Avenue, and 3 St Marks Place. The assets in question are multifamily properties. The deal was finalized on November 1, 2019.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $79,000,000
- Address: 23 3rd Avenue, 25 3rd Avenue, 3 St Marks Place
- Market: East Village
The lender involved in this transaction was Hana Financial Investment. Real Estate Equities Corp acted as the landlord in the deal.
A loan of $79,000,000 was provided as a construction loan by Hana Financial Investment. The plans for the properties include 65,000 GSF of office space, with 8,000 SF designated for retail. The retail space includes 4,000 SF located below ground level.
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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93