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Eric Mirvis Secures $10M Refinance Loan For Hell's Kitchen Multifamily

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FINANCED
$10,000,000

New York

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MultiFamily12,425 SF
Financed
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Property Image
FINANCED

Eric Mirvis Secures $10M Refinance Loan For Hell's Kitchen Multifamily

MultiFamily12,425 SF
Financed
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Summary

Asset Type:MultiFamily
Price Per Square Foot:$804
Total Square Footage:12425 SF
Transaction Type:Loan

The multifamily property located on 9th Avenue in Hell's Kitchen spans 12,425 square feet and comprises 12 units. The property has undergone a refinancing process with a loan amount of $10,000,000 provided by Eric Mirvis from Citi Group. The loan terms include a 5-year period with full-term interest-only payments, catering to the financing needs of this sizable multifamily asset.

Summary of transation details:

The deal was facilitated by brokers Shamir Seidman and Daniel Neiss from Meridian Capital Group. Their expertise and negotiation skills played a crucial role in securing the refinancing for this multifamily property in Hell's Kitchen. As key individuals in the transaction, they ensured that the loan terms were favorable and aligned with the financial objectives of the property stakeholders.

Players

Daniel Neiss
27 deals$635.8M volume
BROKER

Shamir Seidman
CBRE
24 deals$558.4M volume
BROKER

Citibank
LENDER

Details

FINANCED
IMAGE: Eric Mirvis, Shamir Seidman & Daniel Neiss DATE: 06/17/2024 ADDRESS: 9th Avenue MARKET: Hell's Kitchen ASSET TYPE: Multifamily ~ SF: 12,425 ~ UNITS: 12 LENDER: Eric Mirvis - Citi Group BROKERS: Shamir Seidman & Daniel Neiss - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $10,000,000 LOAN TYPE: Refinance LOAN TERMS: 5 years, Full term Interest Only

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$10,000,000.00

Monthly NOI$66,666.67
Monthly Debt Service$63,206.80
Change in Cash Flow$0.00
Refinance Proceeds$0.00