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Legion Investment Group And Gindi Capital Secure $124.8M Construction Loan For 252 3rd Avenue
FINANCED
$124,800,000
New York
See Similar DealsDevelopment Site
Financed 01/31/2025
FINANCED
Legion Investment Group And Gindi Capital Secure $124.8M Construction Loan For 252 3rd Avenue
252 3rd Avenue
See Similar DealsDevelopment Site
Financed 01/31/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 252 3rd Avenue in Gramercy, Manhattan. The total loan amount secured for this property is $124,800,000, specifically designated for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $124,800,000
- Lender: Byron Trott & Gregg Lemkau - BDT & MSD Partners
- Landlord: Victor Sigoura - Legion Investment Group
- Landlord: Raymond Gindi - Gindi Capital
The deal features key participants including Byron Trott and Gregg Lemkau, who represent BDT & MSD Partners as the lenders. Additionally, Victor Sigoura and Raymond Gindi represent Legion Investment Group and Gindi Capital, respectively, highlighting the collaboration between these entities in securing the construction loan.
Players
LENDER
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$124,800,000.00
Monthly NOI$832,000.00
Monthly Debt Service$788,820.89
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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