Black Spruce Management Acquires 761-Unit Multifamily Property In Murray Hill For $675M
FINANCED
$675,000,000
+ 1
New York
See Similar DealsMultiFamily900,000 SF
Financed 03/01/2022
FINANCED
Black Spruce Management Acquires 761-Unit Multifamily Property In Murray Hill For $675M
American Copper Buildings, 626 1st Ave, New York City, New York 10016, United States
See Similar DealsMultiFamily900,000 SF
Financed 03/01/2022
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$750
Total Square Footage:900,000 SF
Transaction Type:Loan
The American Copper Buildings located at 626 1st Ave in Murray Hill have been involved in a recent closed transaction. The multifamily property spans approximately 900,000 square feet and consists of 761 units. The deal was facilitated by brokers Adam Spies, Gideon Gil, Zachary Kraft, and Lauren Kaufman from Cushman & Wakefield, representing the buyer, seller, landlord, or tenant.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $675,000,000
- Address: 626 1st Ave
- Market: Murray Hill
- Brokers: Adam Spies, Gideon Gil, Zachary Kraft, and Lauren Kaufman - Cushman & Wakefield
The acquisition loan for this transaction was provided by JP Morgan. The landlord in this deal is Black Spruce Management. The loan amount for the transaction was $675,000,000, and it is classified as an acquisition loan.
Players
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LANDLORD
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$675,000,000.00
Monthly NOI$4,500,000.00
Monthly Debt Service$4,266,459.16
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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