Oceanfirst Bank Provides $32M Loan For Multifamily Property In Battery Park City
FINANCED
$32,000,000
New York
See Similar DealsMultiFamily24,167 SF
Financed 05/07/2021
FINANCED
Oceanfirst Bank Provides $32M Loan For Multifamily Property In Battery Park City
99 Battery Place, Manhattan, New York, NY, USA
See Similar DealsMultiFamily24,167 SF
Financed 05/07/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,324
Total Square Footage:24,167 SF
Transaction Type:Loan
The asset involved in this transaction is a multifamily property located at 99 Battery Place in the Battery Park City market. The lender for this loan transaction is Oceanfirst Bank, which provided a loan amount of $32,000,000 for the property that comprises 233 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $32,000,000
- Address: 99 Battery Place
- Market: Battery Park City
- Lender: Oceanfirst Bank
- Landlord: Milstein Properties
- Units: 233
This transaction features key stakeholders including Howard Milstein, representing Milstein Properties as the landlord in the deal. The involvement of Oceanfirst Bank as the lender plays a significant role in this multifamily asset financing.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$32,000,000.00
Monthly NOI$213,333.33
Monthly Debt Service$202,261.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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