Updated Oct 29, 2024
Thor Equities Refinances Multifamily Property In Morningside Heights With $10M Loan From EquiTrust Life Insurance Company
526 West 111th Street
$10,000,000
$223/SF
Building Size
44,681 SF
Asset Type
MultiFamily
Closing
Dec 14, 2020
About this deal
AI
The multifamily property located at 526 West 111th Street in Morningside Heights has been subject to a refinance loan transaction. The property spans approximately 44,681 square feet and is owned by Thor Equities, headed by Joe Sitt and Morris Missry.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $10,000,000
- Lender: EquiTrust Life Insurance Company - A. Brad Feine
- Landlord: Thor Equities - Joe Sitt & Morris Missry
- Loan Type: Refinance
EquiTrust Life Insurance Company, with A. Brad Feine as its representative, provided a loan amount of $10,000,000 for the refinance. Thor Equities, headed by Joe Sitt and Morris Missry, serves as the landlord for the property. This transaction allows the owners to benefit from the refinancing terms offered by EquiTrust Life Insurance Company.
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
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93