Updated Sep 9, 2024
Meridian Capital Group Arranges $3.5M Refinance Loan For Multifamily Property In New York
52 Irving Place, New York City, New York 10003, United States
$3,500,000
Building Size
—
Asset Type
MultiFamily
Closing
May 15, 2022
About this deal
AI
The multifamily property located at 52 Irving Place in New York has recently undergone a refinancing transaction. The deal was facilitated by Michael Helmreich from Meridian Capital Group.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,500,000
- Loan Type: Refinance
- Loan Terms: 7 Years Fixed, Rate: 3.5%, Amort: 2 Years IO then 30 years
The financing of $3,500,000 was obtained for the property at 52 Irving Place. The loan terms include a fixed interest rate of 3.5% for 7 years, followed by a 2-year interest-only period and a 30-year amortization period. Michael Helmreich, representing Meridian Capital Group, played a key role in orchestrating this deal.
New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93