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John A. Zaccaro Sr. Secures $76.6 Million Refinance Loan For Manhattan Multifamily Properties
FINANCED
$76,600,000
New York
See Similar DealsMultiFamily335,020 SF
Financed 11/12/2024
FINANCED
John A. Zaccaro Sr. Secures $76.6 Million Refinance Loan For Manhattan Multifamily Properties
73 Sullivan Street, 75 Sullivan Street, 68-70 Spring Street & 241 Mulberry Street
See Similar DealsMultiFamily335,020 SF
Financed 11/12/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$228
Total Square Footage:335,020 SF
Transaction Type:Loan
The transaction involves a multifamily asset covering a total of 83,755 square feet located at the addresses 73-75 Sullivan Street, 68-70 Spring Street, and 241 Mulberry Street in the Manhattan market. The refinancing deal amounts to $76,600,000, translating to a loan price of $915 per built square foot.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $76,600,000
- Loan Type: Refinance
- Lender: William Egan - Oceanview Life & Annuity
- Landlord: John A. Zaccaro Sr - P. Zaccaro
- Date of Closing: November 12, 2024
P. Zaccaro undertook a refinancing operation for five properties in Manhattan through the loan secured from Oceanview Life and Annuity Company, reflecting strategic financial management across the involved assets.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$76,600,000.00
Monthly NOI$510,666.67
Monthly Debt Service$484,164.11
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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