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Extell Development Secures $175M Construction Loan For Development Project At 1522 First Avenue In Yorkville, Manhattan
FINANCED
$175,000,000
New York
See Similar DealsDevelopment Site
Financed 11/13/2023
FINANCED
Extell Development Secures $175M Construction Loan For Development Project At 1522 First Avenue In Yorkville, Manhattan
1522 1st Avenue
See Similar DealsDevelopment Site
Financed 11/13/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
Extell Development, represented by UES Commercial LLC, has secured a $175 million construction loan from Cain International Agent Limited for the development project at 1522 First Avenue in Yorkville, Manhattan. The development site has a building square footage (BSF) of 322,838 and is located in the Yorkville market of Manhattan.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $175,000,000
- Lender: Jonathan Goldstein - Cain International
- Landlord: Marc Kwestel - Extell Development
The loan, provided by Jonathan Goldstein of Cain International, will support the construction of the development project at 1522 First Avenue. Marc Kwestel, the landlord and representative of Extell Development, is overseeing the project.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$175,000,000.00
Monthly NOI$1,166,666.67
Monthly Debt Service$1,106,119.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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