Empire Management Secures $84.1M Refinance Loan For Multifamily Properties In Morningside Heights & Washington Heights
509 Cathedral Parkway, 515 Cathedral Parkway & 664 West 163rd Street
$84,100,000
$53/SF
Building Size
1,560,000 SF
Asset Type
MultiFamily
Closing
Jan 4, 2024
AI
A $84.1 million refinance loan has been secured by Fred Ohebshalomn's Empire Management for six residential elevator properties in Manhattan. The properties are located in Morningside Heights and Washington Heights, and are part of a multifamily portfolio.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $84,100,000
- Lender: Barclays Bank - Adam Scotto
- Landlord: Empire Management - Fred Ohebshalomn
- Loan Type: Refinance
The refinance loan was provided by Barclays Capital Real Estate Inc. and arranged by Acquisition America IX, LLC on behalf of Fred Ohebshalomn's Empire Management. The properties are situated in the desirable neighborhoods of Morningside Heights and Washington Heights in Manhattan.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93