MAG Partners Refinances Multifamily Property At 243 West 28th Street In New York For $196M
FINANCED
$196,000,000
New York
See Similar DealsMultiFamily433,202 SF
Financed 06/20/2023
FINANCED
MAG Partners Refinances Multifamily Property At 243 West 28th Street In New York For $196M
243 W 28th St New York, Ny 10001, Usa
See Similar DealsMultiFamily433,202 SF
Financed 06/20/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$452
Total Square Footage:433,202 SF
Transaction Type:Loan
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
- Property Type: Multifamily
- Transaction Amount: $196,000,000
- Lender: Elliott Investment Management L.P
- Landlord: MAG Partners
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.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$196,000,000.00
Monthly NOI$1,306,666.67
Monthly Debt Service$1,238,853.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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