ING Capital Provides $750M Refinance Loan For Office Condo At 666 Fifth Avenue In Midtown West, Manhattan
666 5th Ave, New York, NY 10019, United States
$750,000,000
$750,000,000/SF
Building Size
1 SF
Asset Type
Condo
Closing
Apr 17, 2023
About this deal
AI
Located in Midtown West, Manhattan, the office condo at 666 Fifth Avenue recently underwent a refinancing transaction. The property spans an area of 1,169,666 square feet, making it a significant asset in the market. The lender for this deal was ING Capital, with Craig R. Bender and Jeffrey Schwartz representing the company. The loan amount agreed upon for the refinancing was $750,000,000. The landlord of the property is Brookfield Properties, and Sabrina Khabie is associated with the company.
Summary of Transaction Details
- Property Type: Office Condo
- Transaction Amount: $750,000,000
- Address: 666 Fifth Avenue
- Market: Midtown West, Manhattan
- Square Footage: 1,169,666 SF
- Lender: ING Capital - Craig R. Bender & Jeffrey Schwartz
- Landlord: Brookfield Properties - Sabrina Khabie
This transaction involved various professionals and entities. The lender, ING Capital, was represented by Craig R. Bender and Jeffrey Schwartz. On the other hand, the landlord, Brookfield Properties, had Sabrina Khabie as its representative. By refinancing the office condo at 666 Fifth Avenue, this deal highlights the efforts made by these individuals and companies to evolve the property's financial structure.
Players
New York Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93