Fortress Investment Group Provides $48.8M Loan For East Village Mixed-use And Multifamily Acquisition
FINANCED
$48,758,296
New York
See Similar DealsMultiFamily
Financed 10/08/2022
FINANCED
Fortress Investment Group Provides $48.8M Loan For East Village Mixed-use And Multifamily Acquisition
81-83 Saint Mark's Place, New York City, New York 10003, United States
See Similar DealsMultiFamily
Financed 10/08/2022
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
Located in the vibrant East Village of Manhattan, a mixed-use and multifamily property at 81-83 St. Marks Place, 167 1st Avenue, and 165 1st Avenue recently underwent a successful transaction. This property spans a total square footage of 54,784 and comprises a diverse range of units.
Summary of transaction details
- Property Type: Mixed-use & Multifamily
- Transaction Amount: $48,758,296
- Market: East Village, Manhattan
- Lender: Fortress Investment Group - Jennifer Sorkin
- Landlord: Meadow Partners & Davean Holdings
Leading the deal as the lender, Fortress Investment Group, represented by Jennifer Sorkin, provided a loan amount of $48,758,296 for the acquisition. The property consists of 38 units, offering a mix of residential and commercial spaces. Meadow Partners and Davean Holdings served as the landlords in this transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$48,758,296.00
Monthly NOI$325,055.31
Monthly Debt Service$308,185.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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