Steve Rock & Chris Marks Of Marcus Millichap Acquire Multifamily Property In Hells Kitchen With $15M Loan From New York Community Bank
FINANCED
$15,000,000
New York
See Similar DealsMultiFamily30,000 SF
Financed 06/19/2020
FINANCED
Steve Rock & Chris Marks Of Marcus Millichap Acquire Multifamily Property In Hells Kitchen With $15M Loan From New York Community Bank
521 W 48th St, New York, NY 10036, USA
See Similar DealsMultiFamily30,000 SF
Financed 06/19/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$500
Total Square Footage:30,000 SF
Transaction Type:Loan
The multifamily property located at 521-523 West 48th Street in Hells Kitchen has been involved in a closed transaction. The loan for this property was provided by New York Community Bank, with a loan amount of $15,000,000. The loan terms include an interest rate of 3.125%, a 7-year fixed term, a 30-year amortization period, and 1 year of interest-only payments. The property spans 30,000 square feet and consists of 45 multifamily units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $15,000,000
- Lender: New York Community Bank
- Loan Terms: 3.125%, 7 year fixed, 30 year amortization, 1 year interest only
- Square Footage: 30,000
- Units: 45 Multifamily
The brokers involved in this transaction are Steve Rock and Chris Marks from MarcusMillichap_NY. They represented the parties in the deal, ensuring a successful transaction for the multifamily property at 521-523 West 48th Street in Hells Kitchen.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$15,000,000.00
Monthly NOI$100,000.00
Monthly Debt Service$94,810.20
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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