Updated Oct 28, 2024
W&L Group Secures $58.5M Construction Loan For Development Site In Chinatown
47 Henry Street, New York City, New York 10002, United States
$58,500,000
$1,000/SF
Building Size
58,480 SF
Asset Type
Development Site
Closing
May 10, 2022
About this deal
AI
Located in Chinatown, the development site at 47 & 49 Henry Street has recently secured a construction loan from Preferred Bank. The loan amount of $58,500,000 will be utilized for the development of this property. With a buildable square footage (BSF) of 58,480 and 80 units planned, this site promises to be a significant addition to the neighborhood.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $58,500,000
- Address: 47 & 49 Henry Street
- Market: Chinatown
- BSF: 58,480
- Units: 80
W&L Group, the landlord of the property, has chosen Preferred Bank as the lender for this construction loan. This decision highlights the confidence and trust that the W&L Group has in Preferred Bank's expertise and ability to support the successful completion of this development project.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93