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
$40,000,000
$516/SF
Building Size
77,499 SF
Asset Type
MultiFamily
Closing
May 20, 2026
AI
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.
Players
Chipley MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93