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Michael E. Jones Obtains $6.2M Loan For Multifamily Properties In Grand Central, Manhattan

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FINANCED
$6,200,000

New York

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MultiFamily12,319 SF
Financed 06/29/2023
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FINANCED

Michael E. Jones Obtains $6.2M Loan For Multifamily Properties In Grand Central, Manhattan

113 & 115 East 39th Street

See Similar Deals
MultiFamily12,319 SF
Financed 06/29/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$503
Total Square Footage:12,319 SF
Transaction Type:Loan

Michael E. Jones has secured a loan valued at $6.2 million from Newtek Bank for two residential walkup properties located at 113 & 115 East 39th Street in the Grand Central neighborhood of Manhattan. The multifamily properties have a total building square footage (BSF) of 13,168 and a total square footage (SF) of 12,319.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $6,250,000
  • Address: 113 & 115 East 39th Street
  • Market: Grand Central, Manhattan
  • BSF: 13,168
  • SF: 12,319
  • Lender: Newtek Bank
  • Landlord: Michael E. Jones

Michael E. Jones obtained the loan from Newtek Bank through Newtek Business Services Holdco 6, Inc. for the acquisition of the two walkup multifamily properties located in Grand Central, Manhattan. The loan amount of $6.2 million will contribute to the financing of the transaction.

Players

Newtek Bank
Newtek Bank
LENDER

Details

FINANCED
IMAGE: 06/29/2023 ADDRESS: 113 & 115 East 39th Street MARKET: Grand Central, Manhattan ASSET TYPE: Multifamily ~ BSF: 13,168 ~ SF: 12,319 LENDER: Newtek Bank LANDLORD: Michael E. Jones LOAN AMOUNT: $6,250,000 NOTE: Michael E. Jones obtained an initial loan valued at $6.2 million from Newtek Bank, through Newtek Business Services Holdco 6, Inc., for two residential walkup properties in Grand Central, Manhattan.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,200,000.00

Monthly NOI$41,333.33
Monthly Debt Service$39,188.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00