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JLL Arranges $151.4M Construction Loan And Preferred Equity For Multifamily In Chelsea, Manhattan

Property Image
FINANCED
$151,400,000
Nicco Lupo
Jillian Mariutti
Geoff Goldstein
+ 3

New York

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MultiFamily154,891 SF
Financed 12/20/2023
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Property Image
FINANCED

JLL Arranges $151.4M Construction Loan And Preferred Equity For Multifamily In Chelsea, Manhattan

335 8th Avenue

See Similar Deals
MultiFamily154,891 SF
Financed 12/20/2023
Nicco Lupo
Jillian Mariutti
Geoff Goldstein
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$977
Total Square Footage:154,891 SF
Transaction Type:Loan

The multifamily property located at 335 8th Avenue in Chelsea, Manhattan has been sold in a closed transaction for a capitalization of $151,400,000. The property encompasses a total of 154,891 square feet and consists of 188 units.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $151,400,000
  • Address: 335 8th Avenue
  • Market: Chelsea, Manhattan
  • Square Footage: 154,891
  • Units: 188

The lender involved in this transaction was Bank OZK, providing a construction loan and preferred equity. The landlords of the property are MAG Partners, Safanad, and Metlife. The deal was facilitated by the brokers Geoff Goldstein, Rob Hinckley, Jeffrey Julien, Jillian Mariutti, Stephen Van Leer, and Nicco Lupo from JLL.

Players

Jeffrey (Jeff) Julien
JLL
Jeffrey Julien
58 deals$9B volume
BROKER
Geoff Goldstein
JLL
Geoff Goldstein
55 deals$7.9B volume
BROKER
Rob Hinckley
JLL
Rob Hinckley
81 deals$11.6B volume
BROKER
Jillian Mariutti
JLL
Jillian Mariutti
20 deals$1.7B volume
BROKER
Nicco Lupo
JLL
Nicco Lupo
47 deals$9B volume
BROKER
Stephen Van Leer
JLL
Stephen Van Leer
17 deals$1.2B volume(516) 661-0102
BROKER
MetLife
MetLife
LENDER
Bank OZK
Bank OZK
LENDER
MetLife
MetLife
LANDLORD
S
Safanad
LANDLORD
MP
MAG Partners
LANDLORD

Details

FINANCED
IMAGE: Geoff Goldstein, Stephen Van Leer, Jillian Mariutti, Jeff Julien, Rob Hinckley & Nicco Lupo DATE: 12/20/2023 ADDRESS: 335 8th Avenue MARKET: Chelsea, Manhattan ASSET TYPE: Multifamily ~ SF: 154,891 ~ UNITS: 188 LENDER: Bank OZK (@BankOZK) LANDLORD: MAG Partners (@MAG_Partners), Safanad & Metlife BROKERS: Geoff Goldstein, Rob Hinckley, Jeffrey Julien (@Jeff.Julien), Jillian Mariutti (@JillianMariutti_CRE), Stephen Van Leer (@SVanLeer) & Nicco Lupo - JLL (@JLL) CAPITALIZATION: $151,400,000 LOAN TYPE: Construction Loan & Preferred Equity

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$151,400,000.00

Monthly NOI$1,009,333.33
Monthly Debt Service$956,950.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00