Updated Oct 28, 2024
Walnut Hill Capital Refinances Development Site In Koreatown For $28M
316 5th Avenue, New York City, New York 10001, United States
$28,000,000
$567/SF
Building Size
49,380 SF
Asset Type
Development Site
Closing
Mar 30, 2022
About this deal
AI
The development site located at 316 Fifth Avenue in Koreatown has recently undergone a refinancing deal. The property, with a buildable square footage (BSF) of 49,380, serves as a promising investment opportunity. The loan, initiated on March 31, 2022, involved a loan amount of $28,000,000 and was granted by Walnut Hill Capital. Cottonwood Group, the landlord, facilitated the transaction.
Summary of Transaction Details
- Property Type: Development Site
- Transaction Amount: $28,000,000
- Address: 316 Fifth Avenue, Koreatown
- Market: Koreatown
- BSF: 49,380
- Lender: Walnut Hill Capital
- Landlord: Cottonwood Group
During the refinancing process, the key individuals and companies involved were Walnut Hill Capital as the lender and Cottonwood Group as the landlord. Their collaboration ensured a successful refinancing transaction for the development site at 316 Fifth Avenue in Koreatown.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93