Freddie Mac Provides $101.6M Acquisition Loan For New York Multifamily Property
$101,586,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 31, 2023
AI
Harbor Group International, a real estate investment firm, has secured a loan of $101,586,000 for the acquisition of a multifamily property in New York. The loan was provided by Freddie Mac, a government-sponsored mortgage company.
Summary of Transaction Details:
- Property Type: Multifamily
- Loan Amount: $101,586,000
- Loan Type: Acquisition
- Loan Terms: Sourced Debt & JV Equity | Freddie Mac Execution | 10yr Term | Fixed Rate | T+136 | Full Term IO
The loan was sourced through debt and joint venture equity, with Freddie Mac executing the loan agreement. It features a 10-year term with a fixed interest rate. The loan carries an interest rate spread of T+136 basis points and offers full term interest-only payments.
The deal was facilitated by Newmark, a prominent brokerage firm, with Matthew Mense, Ari Schwartzbard, Henry Stimler, William Weber, Ricky Warner, and Daniel Sarsfield representing both the buyer and the seller in the transaction.
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
0.16%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93