Updated Jan 9, 2025
Apple Bank Provides $35 Million Refinance Loan For Union Square Multifamily Asset
$35,000,000
$112/SF
Building Size
310,000 SF
Asset Type
MultiFamily
Closing
Jan 6, 2025
About this deal
AI
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.
Players
Market 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
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93