First Republic Bank Provides $45M Construction Loan For Upper West Side Development Site At 15-19 West 96th Street
FINANCED
$45,000,000
New York
See Similar DealsDevelopment Site60,334 SF
Financed 09/28/2021
FINANCED
First Republic Bank Provides $45M Construction Loan For Upper West Side Development Site At 15-19 West 96th Street
15-19 West 96th Street, Manhattan, New York, NY, USA
See Similar DealsDevelopment Site60,334 SF
Financed 09/28/2021
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$745
Total Square Footage:60,334 SF
Transaction Type:Loan
A development site located at 15-19 West 96th Street in the Upper West Side of New York City has recently secured a construction loan. The property, with a buildable square footage (BSF) of 60,334, is owned by Sackman Enterprises.
Summary of transation details
- Property Type: Development Site
- Transaction Date: 09/28/2021
- Address: 15-19 West 96th Street
- Market: Upper West Side
- BSF: 60,334
The lender for this project is First Republic Bank, providing a construction loan of $45,000,000. The loan terms include a 3-year term with a variable interest rate, set at 125 basis points over the Prime rate.
Meridian Capital Group represented the parties involved in the deal. The brokers, Simon Rosenfeld, David Ostrov, Jeff Weinberg, and Garrett Sokoloff, facilitated the transaction on behalf of their clients.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$45,000,000.00
Monthly NOI$300,000.00
Monthly Debt Service$284,430.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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