Updated Jan 6, 2025
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
$76,600,000
$228/SF
Building Size
83,755 SF
Asset Type
MultiFamily
Closing
Nov 12, 2024
About this deal
AI
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.
On the Map
$76,600,000
$228/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93