Updated Apr 3, 2025
ZD Jasper Realty Secures $103M Construction Loan From Preferred Bank For Hudson Yards Development Sites
501 9th Avenue
$103,000,000
Building Size
—
Asset Type
Development Site
Closing
Sep 1, 2023
About this deal
AI
ZD Jasper Realty, represented by its owner Jasper Wu, has secured a new construction loan valued at $103 million from Preferred Bank. The loan is specifically intended for the development sites located at 501, 485-487, and 489-491 9th Avenue in Hudson Yards, Manhattan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $103,000,000
- Lender: Sylvia Tseng - Preferred Bank
- Landlord: Jasper Wu - ZD Jasper Realty
This substantial loan will facilitate the construction and development of the mentioned sites, with ZD Jasper Realty leading the project. The loan, provided by Preferred Bank and facilitated by Sylvia Tseng, will support the advancement of the development site in Hudson Yards, Manhattan.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93