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Stephen A. Schwarzman Of Blackstone Secures $3.15B Refinance Loan From Wells Fargo For Multifamily Asset
FINANCED
$3,150,000,000
New York
See Similar DealsMultiFamily12,064,341 SF
Financed 11/26/2025
FINANCED
Stephen A. Schwarzman Of Blackstone Secures $3.15B Refinance Loan From Wells Fargo For Multifamily Asset
240 1st Avenue
See Similar DealsMultiFamily12,064,341 SF
Financed 11/26/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$261
Total Square Footage:12,064,341 SF
Transaction Type:Loan
The asset involved in this transaction is a multi-family property located at 240 1st Avenue & 342 1st Avenue in the Peter Cooper-Stuyvesant Town market. The total square footage of the property is 12,064,341, encompassing 11,255 residential units. The refinancing loan amount secured for this asset is $3,150,000,000.
Summary of transation details:
- Property Type: MultiFamily
- Transaction Amount: $3,150,000,000
- Address: 240 1st Avenue & 342 1st Avenue
- Market: Peter Cooper-Stuyvesant Town
- Square Footage: 12,064,341
- Lender: Wells Fargo
- Landlord: Stephen A. Schwarzman - Blackstone
- Loan Type: Refinance
In this transaction, Blackstone, via Bpp Pcv Owner LLC, engaged Wells Fargo for the refinancing of Stuyvesant Town and Peter Cooper Village in Manhattan. This strategic move covers a substantial number of residential units within the expansive property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$3,150,000,000.00
Monthly NOI$21,000,000.00
Monthly Debt Service$19,910,142.74
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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