Updated Apr 9, 2025
David Werner Real Estate Investments And Metro Loft Management Secure $90 Million Loan For Acquisition In Midtown Manhattan
675 3rd Avenue
$90,000,000
Building Size
—
Asset Type
Development Site
Closing
Apr 7, 2025
About this deal
AI
The asset involved in this transaction is a 32-story office building located at 675 3rd Avenue in Midtown Manhattan. The development site has been secured for an acquisition type loan amounting to $90 million to facilitate its conversion into 430 residential rental units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $90,000,000
- Lender: Ran Eliasaf - Northwind Group
- Landlord: David Werner - David Werner Real Estate Investments & Nathan Berman - Metro Loft Management
- Loan Type: Acquisition
In this transaction, David Werner and Nathan Berman are the landlords and are involved in the acquisition and conversion of the building into residential units. The lending was facilitated by Ran Eliasaf representing Northwind Group, highlighting the collaborative effort among these key stakeholders in the real estate market.
On the Map
$90,000,000
Development Site
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Players
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93