436 East 13th Street & 442 East 13th Street
This is a stabilized multifamily refinance of two elevator buildings in the East Village, a supply-constrained and high-demand Manhattan submarket, providing reasonable collateral support for the $14.8M loan from institutional lender Natixis. The implied loan-per-unit of approximately $1.23M and PPSF of $581 are within range for the submarket, though the relatively low unit count of 12 across 25,444 SF suggests large units or significant common area, warranting scrutiny of rent rolls and rent-stabilization exposure. The DSCR of 1.05x as calculated by the listing tool is thin and leaves limited cushion for rate volatility or vacancy stress, which is a moderate concern in today's elevated-rate environment. Drew Popkin and Highpoint Property Group demonstrate an active track record with 11 deals totaling $78.1M in volume, indicating an experienced operator familiar with NYC multifamily. Overall the deal is a straightforward refinance with institutional lender backing and a credible sponsor, tempered by tight debt service coverage and a small unit count.
Deal Stats
Parties
No party information available for this deal.
Score Analysis
Why this score
Thin DSCR of 1.05x
Limited cushion for rate volatility or vacancy stress in a high-rate environment creates refinance risk if operations deteriorate.
East Village Supply Constraint & Demand
High-demand Manhattan submarket with limited supply provides stable tenant base and rental growth potential for debt service support.
Institutional Lender (Natixis) & Experienced Sponsor
Natixis backing and Highpoint's 11-deal, $78.1M track record in NYC multifamily demonstrates credibility and lender confidence.
Small Unit Count (12 units) with Large SF Footprint
Low unit density suggests large units or excessive common area, creating concentration risk and limiting income diversification if rent stabilization exposure is high.
Reasonable Unit Economics vs. Submarket
$1.23M per-unit LPU and $581 PPSF align with East Village comparables, indicating fair pricing.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Improve DSCR through operational optimization or rate buydown
Increasing DSCR from 1.05x to 1.25x+ via rent growth, expense reduction, or interest rate buy-down would meaningfully reduce refinance stress.
Clarify rent-stabilization exposure and unit mix
Detailed rent roll showing market-rate vs. stabilized units and unit sizes would address investor concern about income stability given low unit count.
Document sponsor's East Village track record
Highlighting prior Highpoint deals in East Village specifically would strengthen confidence in local market expertise and operational execution.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Multifamily Loan 436 East 13th Street Daily limit: 7/10 Drew Popkin Of Highpoint Property Group Refinances East Village Multifamily Buildings For $14.8M FINANCED $14,800,000 MultiFamily 25,444 SF Financed 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $581 Total Square Footage: Transaction Type: The transaction involved two multifamily elevator buildings located at 436 East 13th Street and 442 East 13th Street in the East Village, Manhattan. The total square footage of the asset is 25,444. The refinance was executed with a loan amount of $14,800,000. Summary of transation details: Property Type: Multifamily Transaction Amount: $14,800,000 Lender: Natixis Landlord: Drew Popkin - Highpoint Property Group Number of Residential Units: 12 Ownership Entity: 436 & 442 East 13th Street Owner LLC Drew Popkin, representing Highpoint Property Group, played a key role in the refinancing arrangement, consolidating the financing for both properties under one loan through the lender, Natixis. Players All Landlords | Tenants Lenders Natixis LENDER DP Drew Popkin 11 deals $78.1M volume LANDLORD Details Deal Summary IMAGE: Drew Popki DATE: 05/07/2026 ADDRESS: 436 East 13th Street & 442 East 13th Street MARKET: East Village, Manhattan ASSET TYPE: Multifamily ~ SF: 25,444 LENDER: Natixis LANDLORD: Drew Popkin - Highpoint Property Group LOAN AMOUNT: $14,800,000 LOAN TYPE: Refinance NOTE: Highpoint Property Group, through 436 & 442 East 13th Street Owner LLC, refinanced two East Village elevator buildings with a $14.8M loan from Natixis, covering 12 residential units across 436 and 442 East 13th Street. Email New York | @tradedny Comps 10 These are similar deals based on proximity and similarity to the subject deal. HUBB NYC Secures $13.6M Loan From M&T Bank For Multifamily Buildings In East Village New York | MultiFamily | PPSF: $470 08/07/2025 Kushner Companies Secures $12.9M Loan For East Village Multifamily Colorado | MultiFamily | PPSF: $1065 04/09/2020 James D. 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Deal Type SALE LOAN LEASE Property Value Current Loan Balance Net Operating Income (Annual) Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Reset Debt Service Coverage Ratio (DSCR) 1.05x Max Loan Amount $14,800,000.00 Monthly NOI $98,666.67 Monthly Debt Service $93,546.07 Change in Cash Flow $0.00 Refinance Proceeds Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. 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