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Empire Management Secures $84.1M Refinance Loan For Multifamily Properties In Morningside Heights & Washington Heights
FINANCED
$84,100,000
New York
See Similar DealsMultiFamily1,560,000 SF
Financed 01/04/2024
FINANCED
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
See Similar DealsMultiFamily1,560,000 SF
Financed 01/04/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$53
Total Square Footage:1,560,000 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$84,100,000.00
Monthly NOI$560,666.67
Monthly Debt Service$531,569.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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