MRR Development LLC Secures $170M Construction Loan For Billionaire Row Development Site
244 5th Ave, New York, NY 33139, United States
$170,000,000
$944,444/SF
Building Size
180 SF
Asset Type
Development Site
Closing
Feb 12, 2022
AI
Anand Mahindra, Rotem Rosen & Zahi Hagag have closed a loan deal for a development site located at 126 E 57th Street in Billionaire Row. The site spans an area of 180,000 square feet.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $170,000,000
- Address: 126 E 57th Street
- Market: Billionaire Row
- Lender: OZK Bank
- Landlord: MRR Development LLC - Anand Mahindra, Rotem Rosen & Zahi Hagag
- Broker: Akman Ziff
- Loan Type: Construction
The loan amount for this deal is $170,000,000 and it is a construction loan. The transaction was facilitated by Akman Ziff, representing the landlord, MRR Development LLC, which consists of Anand Mahindra, Rotem Rosen & Zahi Hagag. The lender in this deal is OZK Bank.
Special thanks were extended to the lawyers involved in this transaction. MRR Development LLC was represented by Fried Frank, while OZK Bank was represented by 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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93