Updated Oct 29, 2024
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
- 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.
Players
New York 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
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93