Select Garages Secures $44M Refinancing Loan From Bank Of Montreal For NYC Parking Lots & Condos
2373 Broadway New York, New York 10024, USA
$44,000,000
$493/SF
Building Size
89,155 SF
Asset Type
MultiFamily
Closing
May 25, 2023
AI
The asset involved in this transaction consists of a parking lot and condominium units, located at 2373 Broadway and 21 University Place in Greenwich Village, Manhattan. The total square footage of the property is 89,155. This transaction is a refinancing loan for an amount of $44 million.
Summary of transaction details:
- Property Type: Parking Lot & Condo
- Transaction Amount: $44,000,000
- Address: 2373 Broadway & 21 University Place
- Market: Greenwich Village, Manhattan
- Lender: Bank of Montreal
- Lender's Representative: Michael Birajiclian
- Landlord: Select Garages
- Landlord's Representative: Aaron Katz
- Loan Type: Refinance
In this transaction, Select Garages secured a refinancing loan from the Bank of Montreal which is represented by Michael Birajiclian, while Aaron Katz represents Select Garages. This financial arrangement is specifically for four parking lot condominium units located in two buildings within the mentioned addresses.
Players
Boulder 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
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93