Updated Feb 16, 2024
Related Companies Refinances Multifamily Property In Chelsea With $42.7M Loan From Wells Fargo
529 West 29th Street, Manhattan, New York, NY, USA
$42,700,000
$466/SF
Building Size
91,483 SF
Asset Type
MultiFamily
Closing
Oct 29, 2021
About this deal
AI
Located at 529 West 29th Street in the bustling Chelsea market, this multifamily property spans a total of 91,483 square feet with 139 units. The property was recently involved in a refinancing transaction.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $42,700,000
- Loan Type: Refinance
- Lender: Wells Fargo
- Landlord: Related Companies
Representing the lending side of the deal, Wells Fargo provided the loan amount of $42,700,000 to facilitate the refinance. On the other hand, Related Companies acted as the landlord for this property.
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
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93