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243 W 28th St New York, Ny ...

Updated Oct 29, 2024

FINANCEDMultiFamily

MAG Partners Refinances Multifamily Property At 243 West 28th Street In New York For $196M

243 W 28th St New York, Ny 10001, Usa

$196,000,000

$452/SF

Building Size

433,202 SF

Asset Type

MultiFamily

Closing

Jun 20, 2023

About this deal

AI

The recently completed transaction involved a multifamily property located at 243 West 28th Street in New York. This property spans an impressive 433,202 square feet and comprises 480 units, making it a significant asset in the market.

Summary of transaction details

With a loan amount of $196,000,000, the financing for this transaction was provided by Elliott Investment Management L.P. This loan served as a refinance, helping to optimize the property's financial structure and potentially unlock additional value for the stakeholders involved.

MAG Partners, the landlord in this deal, demonstrated strategic decision-making by collaborating with reputable lenders to secure favorable loan terms. The transaction showcases the expertise and vision of all parties involved, highlighting their commitment to responsibly grow their real estate portfolios in the dynamic New York market.

Players

MP
MAG PartnersLandlord

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $452 per square foot on a published $196M for 433,202 square feet (2023).

Browse New York multifamily loans on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.08%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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