| ▲ | wjnc a day ago | |
I think I can follow this artikel, but am unsure. Are these mortgages backed by the underlying real estate? “ Among the newly delinquent multifamily mortgages was the $62 million mortgage on Park West Village in Manhattan. The 4.65% fixed-rate mortgage on the 850-unit property, built in 1950 and renovated in 2014, was originated in August 2022. In August 2025, it became 30 days delinquent.” 62 million / 850 = 80k per unit. Seems easy to cover? | ||
| ▲ | marcusb a day ago | parent | next [-] | |
> Are these mortgages backed by the underlying real estate? Yes. > 62 million / 850 = 80k per unit. Seems easy to cover? I imagine if the owner could sell at that price they would. The value of apartment buildings, broadly speaking, is based on net operating income divided by a market-specific capitalization rate. The math might just not work for new owners based on the prevailing interest rate and rent environment, or the NOI and cap rate might make the selling price untenable for the current owners. | ||
| ▲ | xnx a day ago | parent | prev | next [-] | |
Is it possible there are multiple loans? | ||
| ▲ | keoneflick a day ago | parent | prev [-] | |
Edit: my math was bad. | ||