Pacific Western Bank Provides $118.2M Refinance Loan For Development Site In Yorkville, Manhattan
1524 1st Avenue, New York City, New York 10075, United States
$118,195,000
Building Size
—
Asset Type
Development Site
Closing
Oct 27, 2022
AI
A development site located at 1524 First Avenue in Yorkville, Manhattan, has undergone a refinancing transaction. The property, managed by Extell Development and represented by Marc Kwestel, was involved in the deal.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $118,195,000
- Lender: Pacific Western Bank - Kevin Rees
- Landlord: Extell Development - Marc Kwestel
The refinancing loan, provided by Pacific Western Bank and represented by Kevin Rees, amounted to $118,195,000. This transaction brings financial stability and flexibility to the development site, allowing for continued progress and growth.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93