Alexander Development Group, The Bluestone Organization Refinances Luxury Rental Property In Mount Vernon For $93M
42 West Broad Street
$93,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Dec 11, 2023
AI
The luxury rental property at 42 West Broad St in Mount Vernon, NY has secured $93 million in refinancing. This multifamily asset is owned by Mark Alexander of Alexander Development Group and The Bluestone Organization. The property is located in the Mount Vernon market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $93,000,000
- Address: 42 West Broad St
- Market: Mount Vernon
- Landlord: Mark Alexander - Alexander Development Group & The Bluestone Organization
- Lender: Rana Ghorayeb - Otéra Capital Investments
- Brokers: Geoff Goldstein & Kellogg Gaines - JLL
- Loan Type: Refinance
The refinancing for the luxury rental property at 42 West Broad Street was facilitated by Rana Ghorayeb from Otéra Capital Investments. The brokers involved in the deal were Geoff Goldstein and Kellogg Gaines from JLL.
NOTE: Alexander Development Group, The Bluestone Organization, and investors advised by JP Morgan Asset Management were able to secure the $93 million refinancing for this property.
Players
Mount Vernon 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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93