Updated Dec 4, 2024
Slate Property Group Secures $51.65M Acquisition Loan In Chelsea Multifamily Deal
311 W 21st St, New York, NY 10011, USA
$21,000,000
Units
58
Asset Type
MultiFamily
Closing
Mar 10, 2020
About this deal
AI
The transaction involves a multifamily property in Chelsea, located at 301 West 22nd Street, 300 West 21st Street, and 229 West 20th Street. The property spans 72,338 square feet and consists of 94 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $51,650,000
- Loan Type: Acquisition
The lender for this transaction is Slate Asset Management, represented by Michael Quinn. The landlord, Slate Property Group, is represented by Martin Nussbaum. The brokers involved in the deal are Jordan Roeschlaub, Dustin Stolly, and Daniel Fromm.
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
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93