Updated Dec 4, 2024
Bridge Investment Group Refinances NoHo Multifamily Property For $33M
640 Broadway
$33,000,000
$805/SF
Building Size
40,966 SF
Asset Type
MultiFamily
Closing
Sep 18, 2023
About this deal
AI
Acadia Realty Trust, a real estate investment trust, has secured a $33,000,000 refinancing loan for a multifamily property located at 640 Broadway in the NoHo neighborhood of Manhattan. The property spans approximately 40,966 square feet and consists of 21 residential units. The loan was provided by Bridge Investment Group.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $33,000,000
- Square Footage: 40,966
- Address: 640 Broadway
- Market: NoHo, Manhattan
- Number of Units: 21
Stephen Van Leer of JLL represented the landlord, Acadia Realty Trust, in this refinancing transaction. Bridge Investment Group acted as the lender for the deal. This loan provides Acadia Realty Trust with an opportunity to optimize their financial position for the property located at 640 Broadway in NoHo, Manhattan.
Players
New York 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
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93