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Flatiron Equities & Mequity Companies Secures $50.2 Million Construction Loan For Midtown South Conversion

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FINANCED
$50,200,000
Peter Nicoletti
Dylan Kane
Zach Redding

New York

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Self Storage75,082 SF
Financed 09/10/2024
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Property Image
FINANCED

Flatiron Equities & Mequity Companies Secures $50.2 Million Construction Loan For Midtown South Conversion

152 West 36th Street

See Similar Deals
Self Storage75,082 SF
Financed 09/10/2024
Peter Nicoletti
Dylan Kane
Zach Redding
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Self Storage
Price Per Square Foot:$668
Total Square Footage:75,082 SF
Transaction Type:Loan

The property asset involved in this transaction is located at 152 West 36th Street in the Midtown South market. It features a conversion to self-storage with a total square footage of 75,082 and comprises 1,469 units. The loan amount associated with this project is $50,200,000, categorized as a construction loan.

Summary of transation details:

The transaction involves key producers in the real estate market, including parties such as Flatiron Equities and Mequity Companies, acting as the landlords. The brokerage team from Colliers, consisting of Dylan Kane, Zach Redding, and Peter Nicoletti, played a significant role in facilitating this deal.

Players

Dylan Kane
Colliers
Dylan Kane
58 deals$2.9B volume(516) 965-7860
BROKER
Peter Nicoletti
Colliers
Peter Nicoletti
10 deals$817.2M volume
BROKER
Zach Redding
Colliers
Zach Redding
54 deals$1.8B volume(570) 574-9015
BROKER
B6 Real Estate Advisors
B6 Real Estate Advisors
BROKERAGE
Elsee Partners
Elsee Partners
LENDER

Details

FINANCED
IMAGE: Zach Redding, Dylan Kane & Peter Nicoletti DATE: 09/10/2024 ADDRESS: 152 West 36th Street MARKET: Midtown South ASSET TYPE: Conversion to Self-Storage ~ SF: 75,082 ~ UNITS: 1,469 LENDER: Elsee Partners LANDLORD: Flatiron Equities & Mequity Companies BROKERS: Dylan Kane (@DylanKane1), Zach Redding (@ZRedds) & Peter Nicoletti - Colliers (@ColliersInternational) LOAN AMOUNT: $50,200,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$50,200,000.00

Monthly NOI$334,666.67
Monthly Debt Service$317,298.15
Change in Cash Flow$0.00
Refinance Proceeds$0.00