Updated Dec 4, 2024
James Ross Of Rossrock LLC Refinances Multifamily Building In Hell’s Kitchen For $18M
350 West 51st Street
$18,000,000
Units
142
Asset Type
MultiFamily
Closing
Mar 15, 2024
About this deal
AI
An $18 million refinance loan was secured for a 142-unit residential elevator building located at 350 West 51st Street in Hell’s Kitchen, Manhattan. The loan was provided by Jennifer L. Wolf from Securian Financial Group's Minnesota Life Insurance Company.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $18,000,000
- Units: 142
- Address: 350 West 51st Street
- Market: Hell’s Kitchen, Manhattan
- Lender: Jennifer L. Wolf - Securian Financial Group
- Landlord: James Ross - Rossrock LLC
James Ross of Rossrock LLC was represented by the entity Rossmil Associates in the transaction, securing the refinance loan from Securian Financial Group's Minnesota Life Insurance Company.
On the Map
$18,000,000
MultiFamily
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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
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93