Updated Jun 2, 2026
Ben Beitel Of Beitel Group Refinances Bronx Multifamily Asset For $175 Million With Varde Partners
120 East 144th Street
$175,000,000
$477/SF
Building Size
366,596 SF
Asset Type
MultiFamily
Closing
May 20, 2026
About this deal
AI
The property asset involved in this transaction is a multifamily building located at 120 East 144th Street in the Bronx. The asset encompasses 366,596 square feet and comprises 452 units. The transaction involves a refinance loan amounting to $175,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $175,000,000
- Square Footage: 366,596
- Units: 452
- Address: 120 East 144th Street
- Market: Bronx
- Lender: Varde Partners
- Landlord: Ben Beitel - Beitel Group
- Loan Type: Refinance
Beitel Group, through 120 East 144 Owner LLC, engaged in this refinancing deal, replacing a prior loan of $150,000,000 from Slate Property Group’s SCALE Lending with the new facility from Varde Partners via VMC CRE Master Lending Upper REIT LLC.
On the Map
$175,000,000
$477/SF
MultiFamily
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Players
Market 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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93