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Newmark Brokers Secure $535.8M Construction Loan For 25 Water Street Office Building In NYC

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FINANCED
$535,800,000

Maryland

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Financed 12/22/2022
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FINANCED

Newmark Brokers Secure $535.8M Construction Loan For 25 Water Street Office Building In NYC

25 Water Street

See Similar Deals
Financed 12/22/2022
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Summary

MARYLAND
Transaction Type:Loan

The office building located at 25 Water Street in New York City has been involved in a recent transaction. The property, owned by Jeff Gural, Brian Steinwurtzel, Tom Ortinau from GFP Real Estate, and Edmon Kavounas from Rockwood Capital, has undergone a loan deal.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $535,800,000
  • Market: New York City
  • Lender: Marc Rowan - Apollo Global Management & Michael Dell - MSD Capital
  • Landlord: Jeff Gural, Brian Steinwurtzel, Tom Ortinau - GFP Real Estate; Edmon Kavounas - Rockwood Capital
  • Brokers: Jordan Roeschlaub & Dustin Stolly - Newmark
  • Loan Type: Construction

The loan was provided by Marc Rowan from Apollo Global Management and Michael Dell from MSD Capital. They played a significant role in financing the deal. The brokers involved in the transaction were Jordan Roeschlaub and Dustin Stolly from Newmark.

Players

Dustin Stolly
264 deals$49.1B volume
BROKER

Jordan (Jordy) Roeschlaub
Newmark
321 deals$96.2B volume
BROKER

Apollo Bank
LENDER

Details

FINANCED
IMAGE: Jeff Gural, Dustin Stolly, Brian Steinwurtzel, Jordan Roeschlaub, Tom Ortinau, Marc Rowan, Edmon Kavounas & Michael Dell DATE: 12/22/2022 ADDRESS: 25 Water Street MARKET: New York City ASSET TYPE: Office LENDER: Marc Rowan - Apollo Global Management & Michael Dell - MSD Capital LANDLORD: Jeff Gural, Brian Steinwurtzel & Tom Ortinau - GFP Real Estate; Edmon Kavounas - Rockwood Capital BROKERS: Jordan Roeschlaub & Dustin Stolly - Newmark LOAN AMOUNT: $535,800,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$535,800,000.00

Monthly NOI$3,572,000.00
Monthly Debt Service$3,386,620.47
Change in Cash Flow$0.00
Refinance Proceeds$0.00