Updated Mar 17, 2025
Louis Lebovits Of BridgeCity Funding Provides $87M Construction Loan For Multifamily Asset In Murray Hill
$87,000,000
$742/SF
Building Size
117,255 SF
Asset Type
MultiFamily
Closing
Aug 16, 2024
About this deal
AI
The property asset involved is a multifamily building located in Murray Hill, Manhattan. It encompasses a total of 117,255 square feet and consists of 160 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $87,000,000
- Lender: Louis Lebovits - BridgeCity Funding
- Loan Type: Construction
- Loan Terms: 24 months + extension options
- LTC: 74%
The loan is facilitated by Louis Lebovits, who represents BridgeCity Funding. The lender is actively financing projects across various sectors including mixed-use, residential, industrial and construction in the Tri-State Area and South Florida.
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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93