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Gotham Organization's David L. Picket Refinances 11 Multfamily Properties In Hell's Kitchen For $460M
FINANCED
$460,000,000
New York
See Similar DealsMultiFamily
Financed 06/11/2025
FINANCED
Gotham Organization's David L. Picket Refinances 11 Multfamily Properties In Hell's Kitchen For $460M
550 West 45th Street & 530 West 45th Street
See Similar DealsMultiFamily
Financed 06/11/2025
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
The assets involved in this transaction are multifamily properties located at 550 West 45th Street and 530 West 45th Street in Hell’s Kitchen, Manhattan, comprising a total of 898 units. The refinancing transaction involved a loan amount of $460,000,000 from NYS Housing Finance Agency, which is aimed at replacing an existing loan of $520,000,000 from the same lender.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $460,000,000
- Lender: NYS Housing Finance Agency
- Landlord: David L. Picket - Gotham Organization
- Units: 898
- Previous Loan Amount: $520,000,000
The deal was facilitated by David L. Picket from Gotham Organization, who positioned the company for this refinancing, thereby maintaining financing continuity with the NYS Housing Finance Agency across multiple properties in the Hell’s Kitchen area.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$460,000,000.00
Monthly NOI$3,066,666.67
Monthly Debt Service$2,907,512.91
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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