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Banco Inbursa Provides $220M Loan For Multifamily Conversion In Financial District, NYC

Property Image
FINANCED
$220,000,000
Eliott Zeitoune
Christopher (Chris) Peck
Alex Staikos

New York

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Office425,000 SF
Financed 07/28/2023
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Property Image
FINANCED

Banco Inbursa Provides $220M Loan For Multifamily Conversion In Financial District, NYC

55 Broad St New York, NY 10004, USA

See Similar Deals
Office425,000 SF
Financed 07/28/2023
Eliott Zeitoune
Christopher (Chris) Peck
Alex Staikos
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$517
Total Square Footage:425,000 SF
Transaction Type:Loan

The property involved in this transaction is located at 55 Broad Street in the Financial District. It is a multifamily asset with a total square footage of 421,017 and comprises 571 units. The property was transacted for an amount of $220,000,000 with Banco Inbursa serving as the lender. The landlords involved in this deal are MetroLoft Developers and Silverstein Properties.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $220,000,000
  • Square Footage: 421,017
  • Number of Units: 571
  • Lender: Banco Inbursa
  • Landlords: MetroLoft Developers, Silverstein Properties

The brokers representing this deal are Christopher Peck, Eliott Zeitoune, and Alex Staikos from JLL. It is worth noting that JLL also provided advice on the procurement and structuring of the equity for this acquisition and conversion loan.

Players

Christopher (Chris) Peck
JLL
Christopher Peck
70 deals$14.6B volume(212) 632-1812
BROKER
Alex Staikos
JLL
Alex Staikos
33 deals$4.5B volume
BROKER
Eliott Zeitoune
Arrow Real Estate Advisors
Eliott Zeitoune
8 deals$807.9M volume(212) 736-4422
BROKER
Banco Inbursa
Banco Inbursa
LENDER
Silverstein Properties
Silverstein Properties
LANDLORD

Details

FINANCED
IMAGE: Eliott Zeitoune, Christopher Peck & Alex Staikos DATE: 07/28/2023 ADDRESS: 55 Broad Street MARKET: Financial District ASSET TYPE: Multifamily ~ SF: 421,017 ~ UNITS: 571 LENDER: Banco Inbursa LANDLORD: MetroLoft Developers & Silverstein Properties (@SilversteinProperties) BROKERS: Christopher Peck, Eliott Zeitoune & Alex Staikos - JLL (@JLL) LOAN AMOUNT: $220,000,000 LOAN TYPE: Acquisition and Conversion NOTE FROM BROKER: JLL also advised on the procurement and structuring of the equity.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$220,000,000.00

Monthly NOI$1,466,666.67
Monthly Debt Service$1,390,549.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00