Updated Nov 20, 2023
Spencer Savings Bank Provides $12.3M Refinance Loan For Multifamily Property On Manida Street, New York City
661 Manida Street
$12,310,000
$373/SF
Building Size
33,000 SF
Asset Type
MultiFamily
Closing
Jan 13, 2023
About this deal
AI
The property involved in the transaction is a multifamily asset located at 661 Manida Street in New York City. The property spans approximately 33,000 square feet.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $12,310,000
- Date: 01/13/2023
- Address: 661 Manida Street
- Market: New York City
Spencer Savings Bank provided the loan for the transaction, amounting to $12,310,000. The loan is a refinancing arrangement with a 5-year fixed rate of 5.25%.
The landlord in this deal is Menachem Trietel and Joseph Silberman. Serving as mortgage brokers for the transaction are Josh Pollack and Moshe Faibish from FM Capital.
Players
New York City 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
1.29%
Cash-on-Cash
-0.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93