Updated Dec 4, 2024
Bridge Investment Group Provides $272.2M Refinance Loan For 250 West 19th Street Multifamily In Chelsea
250 West 19th Street
$272,200,000
$667/SF
Building Size
407,920 SF
Asset Type
MultiFamily
Closing
Sep 6, 2024
About this deal
AI
The asset involved in this transaction is a multifamily property located at 250 West 19th Street in Chelsea, Manhattan. The property spans 407,920 square feet and consists of 637 units. The loan amount for this refinance transaction is $272,200,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $272,200,000
- Address: 250 West 19th Street
- Market: Chelsea, Manhattan
- Asset Size: 407,920 SF
- Units: 637
- Lender: Bridge Investment Group - James Chung
- Landlord: Andrew Farkas - Island Capital Group & Samuel Jesselson, Jason Warsavsky & Jason Wasserman - JW Capital Management
- Brokers: Jordan Roeschlaub & Nick Scribani - Newmark
- Loan Type: Refinance
The deal involved key players including James Chung representing Bridge Investment Group, and Andrew Farkas from Island Capital Group, along with Samuel Jesselson, Jason Warsavsky, and Jason Wasserman from JW Capital Management. The brokerage team was composed of Jordan Roeschlaub and Nick Scribani from Newmark, who facilitated the transaction.
Players
New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93