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Kahen Properties Secures $57M Construction Loan For Development Site At 1026 3rd Avenue In Lenox Hill, Manhattan
FINANCED
$57,000,000
New York
See Similar DealsDevelopment Site
Financed 11/16/2023
FINANCED
Kahen Properties Secures $57M Construction Loan For Development Site At 1026 3rd Avenue In Lenox Hill, Manhattan
1026 3rd Avenue
See Similar DealsDevelopment Site
Financed 11/16/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
Kahen Properties, through Third North Holdings LLC, has secured a $57 million construction loan from TD Bank for a development at 1026 Third Avenue in Lenox Hill, Manhattan. The development site has a buildable square footage (BSF) of 100,053 and is located in the bustling Lenox Hill market of Manhattan.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $57,000,000
- Address: 1026 3rd Avenue
- Market: Lenox Hill, Manhattan
- BSF: 100,053
Brian Terry from TD Bank provided the $57 million construction loan for the project. Alex Kahen, representing Kahen Properties, serves as the landlord for the development at 1026 Third Avenue.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$57,000,000.00
Monthly NOI$380,000.00
Monthly Debt Service$360,278.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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