Sabet Group Refinances Multifamily Buildings At 504-508 East 12th Street For $22.8M
504 East 12th Street & 508 East 12th Street
$22,800,000
Building Size
—
Asset Type
MultiFamily
Closing
Dec 23, 2025
AI
The transaction involves two 28-unit residential walkup buildings located at 504 East 12th Street and 508 East 12th Street in Alphabet City, Manhattan, NY. The total loan amount secured for the refinance is $22,800,000, succeeding a previous loan of $14,200,000.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $22,800,000
- Lender: J.P. Morgan Chase
- Landlord: Alfred Sabetfard
- Agency: Sabet Group
- Loan Type: Refinance
- Closing Date: December 23, 2025
Sabet Group, represented by Alfred Sabetfard, successfully refinanced the properties through 504-508 E 12 Street LLC with J.P. Morgan Chase, marking a significant financial maneuver in the multifamily sector of the Manhattan market.
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
0.70%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93