Apple Bank Provides $35 Million Refinance Loan For Union Square Multifamily Asset
FINANCED
$35,000,000
New York
See Similar DealsMultiFamily310,000 SF
Financed 01/06/2025
FINANCED
Apple Bank Provides $35 Million Refinance Loan For Union Square Multifamily Asset
MultiFamily310,000 SF
Financed 01/06/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$112
Total Square Footage:310,000 SF
Transaction Type:Loan
The asset involved in this transaction is a multifamily property located in Union Square, encompassing a total square footage of 310,000 and consisting of 239 units. The loan amount secured for this property is $35,000,000, which has been classified as a refinance loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $35,000,000
- Market: Union Square
- Lender: Apple Bank
- Broker: Eliezer Finkel & Rael Gervis - Meridian Capital Group
In this transaction, Eliezer Finkel and Rael Gervis are the brokers representing the deal, facilitating the refinancing process for the multifamily asset. Their involvement highlights the brokerage aspect of this closed loan transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$35,000,000.00
Monthly NOI$233,333.33
Monthly Debt Service$221,223.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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