Morgan Stanley Provides $19.25M Acquisition Loan For Mixed Use Property On Third Avenue
FINANCED
$19,250,000
+ 1
New York
See Similar DealsMultiFamily17,334 SF
Financed 01/21/2022
FINANCED
Morgan Stanley Provides $19.25M Acquisition Loan For Mixed Use Property On Third Avenue
419 3rd Avenue, New York City, New York 10016, United States
See Similar DealsMultiFamily17,334 SF
Financed 01/21/2022
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,110
Total Square Footage:17,334 SF
Transaction Type:Loan
The recent transaction involved the acquisition of a mixed-use property located at 419-423 Third Avenue in New York, NY. The property spans approximately 29,729 square feet and consists of twenty-eight residential units and a ground floor commercial space occupied by Simon's Hardware & Bath.
Summary of transation details
- Property Type: Mixed Use
- Transaction Amount: $19,250,000
- Loan Type: Acquisition
- Loan Amount: $19,250,000
- Loan Terms: The acquisition was financed with a 10-year loan from Morgan Stanley. The loan features a fixed interest rate of 3.97% and includes three years of interest-only payments.
- BROKERS: Bryan Manz, Emil DePasquale, & George Pektor from lackBearCapitalPartners
The transaction was facilitated by Bryan Manz, Emil DePasquale, & George Pektor of lackBearCapitalPartners. They represented the parties involved in the deal, ensuring a successful acquisition of the property.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$19,250,000.00
Monthly NOI$128,333.33
Monthly Debt Service$121,673.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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