Updated Oct 28, 2024
First Republic Bank Provides $12M Construction Loan For Multifamily Property In Lenox Hill, Manhattan
38 East 75th Street, New York City, New York 10021, United States
$12,000,000
$1,810/SF
Building Size
6,627 SF
Asset Type
MultiFamily
Closing
Sep 29, 2022
About this deal
AI
A construction loan has been secured for a multifamily property located at 38 East 75th Street in the Lenox Hill neighborhood of Manhattan. The property spans approximately 6,627 square feet and is owned by Spruce Capital, with Robert Schwartz as the landlord.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $12,000,000
- Address: 38 East 75th Street
- Market: Lenox Hill, Manhattan
First Republic Bank provided the construction loan for this project. Robert Schwartz, representing Spruce Capital, played a key role in the transaction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93