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
335,020 SF
Asset Type
MultiFamily
Closing
Nov 12, 2024
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.
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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93