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Forkosh Development Group Refinances Retail Asset In Nolita, Manhattan With $65M Loan

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FINANCED
$65,000,000

New York

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Retail173,838 SF
Financed 04/28/2023
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Property Image
FINANCED

Forkosh Development Group Refinances Retail Asset In Nolita, Manhattan With $65M Loan

400 Broome Street New York, New York 10013, USA

See Similar Deals
Retail173,838 SF
Financed 04/28/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$373
Total Square Footage:173,838 SF
Transaction Type:Loan

Forkosh Development Group's Coral Broome Street LLC has signed a $65 million refinancing deal with Webster Bank for a 117-unit dorm and rental building at 400 Broome Street in Nolita, Manhattan. The property is a retail space with a total area of 173,838 square feet. The loan was obtained on April 28, 2023, with Webster Bank providing the financing.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $65,000,000
  • Address: 400 Broome Street, Nolita, Manhattan
  • Lender: Webster Bank - Anthony Viskovich
  • Landlord: Forkosh Development Group - Alex Forkosh

The Coral Broome Street LLC, representing Forkosh Development Group, secured the refinancing deal with Webster Bank. Anthony Viskovich from Webster Bank acted as the lender for this transaction. Alex Forkosh, the landlord representing Forkosh Development Group, facilitated the deal for the 117-unit dorm and rental building located at 400 Broome Street in Nolita, Manhattan.

Details

FINANCED
IMAGE: 04/28/2023 ADDRESS: 400 Broome Street MARKET: Nolita, Manhattan ASSET TYPE: Retail ~ SF: 173,838 LENDER: Webster Bank - Anthony Viskovich LANDLORD: Forkosh Development Group - Alex Forkosh LOAN AMOUNT: $65,000,000 LOAN TYPE: Refinance NOTE: Forkosh Development Group's Coral Broome Street LLC has signed a $65m refinancing deal with Webster Bank for a 117-unit dorm and rental building at 400 Broome Street in Nolita, Manhattan.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$65,000,000.00

Monthly NOI$433,333.33
Monthly Debt Service$410,844.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00