Updated Oct 13, 2026
OZK Bank Grants $170M Construction Loan To MRR Development For Billionaire Row Development Site
126 E 57th St, New York, NY 10022, USA
Building Size
180,000 SF
Asset Type
Development Site
Closing
Dec 2, 2022
About this deal
AI
An 180,000 square foot development site located at 126 E 57th Street in Billionaire Row has been involved in a recent loan transaction.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $170,000,000
- Lender: OZK Bank
- Landlord: MRR Development LLC - Anand Mahindra, Rotem Rosen & Zahi Hagag
- Broker: Akman Ziff
- Loan Type: Construction
The loan amount for this transaction was $170,000,000 and the loan type was construction. The landlord, MRR Development LLC, represented by Anand Mahindra, Rotem Rosen & Zahi Hagag, secured the loan from OZK Bank. The broker involved in this deal was Akman Ziff.
Note from Landlord: Special thank you to the lawyers that worked on this transaction - MRR lawyers from Fried Frank and OZK Bank lawyers from King & Spalding.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93