Steve Rock & Chris Marks Of Marcus Millichap Acquire Multifamily Property In Hells Kitchen With $15M Loan From New York Community Bank

The multifamily property located at 521-523 West 48th Street in Hells Kitchen has been involved in a closed transaction. The loan for this property was provided by New York Community Bank, with a loan amount of $15,000,000. The loan terms include an interest rate of 3.125%, a 7-year fixed term, a 30-year amortization period, and 1 year of interest-only payments. The property spans 30,000 square feet and consists of 45 multifamily units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $15,000,000
• Lender: New York Community Bank
• Loan Terms: 3.125%, 7 year fixed, 30 year amortization, 1 year interest only
• Square Footage: 30,000
• Units: 45 Multifamily

The brokers involved in this transaction are Steve Rock and Chris Marks from MarcusMillichap_NY. They represented the parties in the deal, ensuring a successful transaction for the multifamily property at 521-523 West 48th Street in Hells Kitchen.