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Tony Park And MediaWill Secure $20 Million Construction Loan For Penn Station Condo Conversion
FINANCED
$20,000,000
New York
See Similar DealsCondo
Financed 10/21/2024
FINANCED
Tony Park And MediaWill Secure $20 Million Construction Loan For Penn Station Condo Conversion
115 West 31st Street
See Similar DealsCondo
Financed 10/21/2024
Summary
NEW YORK
Asset Type:Condo
Transaction Type:Loan
The asset involved in the transaction is two commercial condominium units located at 115 West 31st Street in the Penn Station market of Manhattan. The property is being converted into a total of 77 residential units. The loan amount secured for the rehabilitation construction is $20,000,000.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $20,000,000
- Lender: Bank of Hope
- Landlord: Tony Park & MediaWill
- Entity: 110 West 32nd LLC
The transaction involves Tony Park and the Korean media company MediaWill, who collaborated through the entity 110 West 32nd LLC to secure the construction loan from Bank of Hope. The focus of this deal is the transformation of the existing commercial condominiums into residential units, which marks a significant development effort in the area.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,000,000.00
Monthly NOI$133,333.33
Monthly Debt Service$126,413.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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