Israel Discount Bank Provides $35M Loan For Mixed-Use Property In Meatpacking District
24 9th Avenue
$35,000,000
$700/SF
Building Size
50,000 SF
Asset Type
Mixed-use
Closing
Jan 13, 2023
About this deal
AI
The mixed-use property located at 24 9th Avenue in the Meatpacking District has undergone a recapitalization following a closed transaction. The property spans an area of 50,000 square feet and features a diverse range of uses.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $35,000,000
- Loan Type: Recapitalization
- Address: 24 9th Avenue
- Market: Meatpacking District
Israel Discount Bank provided a loan of $35,000,000 for the recapitalization of the property. Aurora Capital Associates serves as the landlord for this transaction. Jordan Roeschlaub, Dustin Stolly, and Daniel Fromm from Newmark represented the parties involved in the deal as brokers.
Players
Meatpacking District Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93