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
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.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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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