Eagle Rock Properties Secures $11M Loan For West Village Multifamily
259 West 10th Street
$11,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 3, 2023
AI
Eagle Rock Properties has secured $11 million in gap financing from Citibank for their multifamily apartment complex located at 259 W. 10th St. in Manhattan's West Village.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $11,000,000
- Lender: Citibank
- Landlord: Mark Seelig - Eagle Rock Properties
- Date: 11/03/2023
- Market: West Village, Manhattan
The loan provided by Citibank enables Eagle Rock Properties to continue their investment in the multifamily apartment complex, located in the vibrant West Village neighborhood of Manhattan.
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
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93