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Michael Dury Of Merchants Capital Provides $25.2 Million Loan For Westbeth Rehabilitation In Manhattan
FINANCED
$25,200,000
New York
See Similar DealsOffice
Financed 08/27/2025
FINANCED
Michael Dury Of Merchants Capital Provides $25.2 Million Loan For Westbeth Rehabilitation In Manhattan
55 Bethune Street
See Similar DealsOffice
Financed 08/27/2025
Summary
NEW YORK
Asset Type:Office
Transaction Type:Loan
The asset involved in this transaction is an office property located at 55 Bethune Street in the West Village market of Manhattan. The property is part of a larger rehabilitation project which has a total budget of $86.1 million, with financing support partially provided by Freddie Mac for a loan amount of $25,200,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $25,200,000
- Lender: Michael Dury - Merchants Capital
- Landlord: Westbeth Housing Development Fund Corporation
- Loan Type: Recapitalization
This transaction reflects the collaboration between Merchants Capital and New York State Homes and Community Renewal, which contributed an additional $63 million to the rehabilitation project, aimed at improving Westbeth Artists Affordable Housing in New York City.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$25,200,000.00
Monthly NOI$168,000.00
Monthly Debt Service$159,281.14
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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