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Borough Developers Secures $40 Million Refinance Loan From Dennis Lopez In Gramercy Manhattan
FINANCED
$40,000,000
New York
See Similar DealsMultiFamily77,499 SF
Financed 05/20/2026
FINANCED
Borough Developers Secures $40 Million Refinance Loan From Dennis Lopez In Gramercy Manhattan
313 East 17th Street, 321 East 17th Street. & 321 East 17th Street
See Similar DealsMultiFamily77,499 SF
Financed 05/20/2026
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$516
Total Square Footage:77,499 SF
Transaction Type:Loan
The multifamily asset involved in the transaction is located at 313 East 17th Street and 321 East 17th Street in the Gramercy market of Manhattan. The total square footage of the properties is 77,499, comprising 87 rental units in total.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $40,000,000
- Loan Type: Refinance
- Lender: Dennis Lopez - QuadReal Property Group
- Landlord: Borough Developers
- Units: 87
- Address: 313 East 17th Street & 321 East 17th Street
- Market: Gramercy, Manhattan
Borough Developers, alongside David Tabak through Three One Three LLC, secured the refinancing from QuadReal Property Group’s Qr Us Finance Reit LLC. This refinancing deal pertains to the 87-unit rental building and the adjacent nine-unit rental property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$40,000,000.00
Monthly NOI$266,666.67
Monthly Debt Service$252,827.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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