Related Companies, Hudson Companies Secure $63M Refinance Loan For 480 Main Street Multifamily
480 Main St New York, NY 10044
$63,000,000
$431/SF
Building Size
146,000 SF
Asset Type
MultiFamily
Closing
Jun 9, 2023
AI
The multifamily property located at 480 Main Street in New York City has undergone a refinancing transaction. The property spans approximately 146,000 square feet and consists of 214 units. The loan amount for this refinance is $63,000,000.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $63,000,000
- Address: 480 Main Street
- Market: New York City
- Loan Type: Refinance
The loan for this transaction was provided by SMBC, with Hiro Otsuka serving as the lender. The landlords involved in this deal are Related Companies, represented by Stephen Ross, Bruce Beal, and Jeff Blau, as well as Hudson Companies, represented by David Kramer.
The brokers who facilitated this transaction were Jordan Roeschlaub, Dustin Stolly, and Chris Kramer from Newmark.
Players
New York 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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93