Real Estate Equities Corp Secures $79M Construction Loan For East Village Multifamily Project
FINANCED
$79,000,000
New York
See Similar DealsMultiFamily3,980 SF
Financed 11/01/2019
FINANCED
Real Estate Equities Corp Secures $79M Construction Loan For East Village Multifamily Project
23 3rd Ave, New York, NY 10003, USA
See Similar DealsMultiFamily3,980 SF
Financed 11/01/2019
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$19,849
Total Square Footage:3,980 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$79,000,000.00
Monthly NOI$526,666.67
Monthly Debt Service$499,333.74
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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