GAIA Real Estate Secures $36M Acquisition Loan For East Village Multifamily Property
FINANCED
$36,000,000
New York
See Similar DealsMultiFamily52,481 SF
Financed 08/26/2021
FINANCED
GAIA Real Estate Secures $36M Acquisition Loan For East Village Multifamily Property
50-58 East 3rd Street, Manhattan, New York, NY, USA
See Similar DealsMultiFamily52,481 SF
Financed 08/26/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$686
Total Square Footage:52,481 SF
Transaction Type:Loan
Located in the East Village market, the multifamily property at 50-58 E. 3rd Street recently underwent a closed transaction. Spanning across approximately 52,481 square feet, the property comprises 71 units. The deal was facilitated by Scott Aiese, Danny Fishman, and Alex Staikos, as seen in the Instagram post by JLL on August 26, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $36,000,000
- Lender: Bank of America - Jessica Fritts
- Landlord: GAIA Real Estate - David Kusy
- Brokers: Scott Aiese & Alex Staikos @JLL
- Loan Type: Acquisition Loan
- Loan Terms: Floating Rate
The loan amount secured for this transaction was $36,000,000, provided by Bank of America and overseen by Jessica Fritts. GAIA Real Estate, represented by David Kusy, served as the landlord. The acquisition loan was facilitated by Scott Aiese and Alex Staikos from JLL. Noteworthy to mention, the terms of the loan were based on a floating rate.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$36,000,000.00
Monthly NOI$240,000.00
Monthly Debt Service$227,544.49
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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