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2 North Main Street

KABR Group And BTF Capital Fund Secure $33.3M Bridge Loan For Retail Property In Manhattan
Retail

KABR Group And BTF Capital Fund Secure $33.3M Bridge Loan For Retail Property In Manhattan

2 North Main Street & 88 North Main Street

$33,300,000

Building Size

Asset Type

Retail

Closing

Mar 17, 2026

AI

The property asset involved in the transaction is a retail property known as New City Center, located at 2‑88 North Main Street in Manhattan. The property spans 128,801 square feet and is part of a joint venture between KABR Group and BTF Capital Fund. A bridge loan amounting to $33,300,000 was secured to cover 75% of the project costs through Voya Investment Management.

Summary of transaction details:

The deal was arranged by Cronheim Mortgage, highlighting the collaborative effort of the brokers involved in securing the financing. This transaction showcases the involvement of Dev Morris, Allison Villamagna, Brandon Szwalbenest, and Andrew Stewart, who represent diverse expertise in handling commercial real estate financing.

Players

Dev Morris

Cronheim Mortgage

Broker

$616.4M

vol

25 deals

Broker
Voya Investment Management
Voya Investment ManagementLender
KABR Group
KABR GroupLandlord

New City Retail Market Snapshot

Boundary boundary · Retail · All transaction types transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93