Updated Nov 28, 2024
Silverstein Properties Secures $235M Loan For River Place Multifamily In Hell's Kitchen
River Place, 650 W 42nd St, New York, NY, USA
$235,000,000
$264/SF
Building Size
887,879 SF
Asset Type
MultiFamily
Closing
Jul 29, 2021
About this deal
AI
River Place, also known as 650 W. 42nd St., located in Hell's Kitchen, has recently secured a loan of $235,000,000. The multifamily property comprises 920 units, making it a significant asset in the market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $235,000,000
- Address: River Place AKA 650 W. 42nd St.
- Market: Hell's Kitchen
- Units: 920
The loan was provided by greystone''>Greystone & Co., and the lender's counsel in this transaction was Ballard Spahr LLP. The loan was obtained by Silverstein Properties, the landlord of the property.
Note: No additional information regarding the transaction is available.
Players
New York 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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93