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David A. Brause Secures $75 Million Construction Loan For 255 East 39th Street

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FINANCED
$75,000,000
Lauren Kaufman
Gideon Gil
+ 1

New York

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Mixed-use
Financed 02/06/2024
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Property Image
FINANCED

David A. Brause Secures $75 Million Construction Loan For 255 East 39th Street

255 East 39th Street

See Similar Deals
Mixed-use
Financed 02/06/2024
Lauren Kaufman
Gideon Gil
+ 1
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Transaction Type:Loan

The property at 255 East 39th Street, located in Murray Hill, Manhattan, is a mixed-use asset consisting of 157 units. The loan for this property was secured for $75,000,000 for construction purposes. The lenders involved in this transaction were J.P. Morgan and First Citizens, while the landlord of the property is David A. Brause from Brause Realty. The brokers representing the deal were Gideon Gil, Lauren Kaufman, Zachary Kraft, and Cecelia Galligan from Cushman & Wakefield.

Summary of transaction details:

The key individuals involved in this deal include Gideon Gil, Lauren Kaufman, Zachary Kraft, Cecelia Galligan, and David A. Brause. Gideon Gil, Lauren Kaufman, Zachary Kraft, and Cecelia Galligan served as brokers representing the transaction, while David A. Brause acted as the landlord of the property. This collaboration resulted in securing a significant loan amount for the construction of the mixed-use property at 255 East 39th Street.

Players

Lauren Kaufman
35 deals$5.4B volume(312) 470-1800
BROKER

Lauren Kaufman
JLL
35 deals$5.4B volume(312) 470-1800
BROKER

Gideon Gil
Cushman & Wakefield
48 deals$11.1B volume
BROKER

Zachary (Zach) Kraft
Cushman & Wakefield
22 deals$3.8B volume
BROKER

Cecelia Galligan
Cushman & Wakefield
6 deals$1.9B volume
BROKER

First Citizens Bank
LENDER

Details

FINANCED
IMAGE: Gideon Gil, Lauren Kaufman, Zachary Kraft, Cecelia Galligan & David A. Brause DATE: 02/06/2024 ADDRESS: 255 East 39th Street MARKET: Murray Hill, Manhattan ASSET TYPE: Mixed-use ~ Units: 157 LENDER: J.P. Morgan & First Citizens LANDLORD: David A. Brause - Brause Realty (@BrauseRealty) BROKERS: Gideon Gil, Lauren Kaufman, Zachary Kraft, Cecelia Galligan - Cushman & Wakefield (@CushWake) LOAN AMOUNT: $75,000,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$75,000,000.00

Monthly NOI$500,000.00
Monthly Debt Service$474,051.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00