Blackstone, Goldman Sachs, KKR, Oaktree Capital Provide $1.25B Construction Loan For Mixed-Use Development In West Chelsea
261 11th Ave, New York, NY, USA
$1,250,000,000
$9,191/SF
Building Size
136,000 SF
Asset Type
Mixed-use
Closing
Jul 1, 2020
About this deal
AI
The Terminal Warehouse located at 261 11th Ave. in West Chelsea has recently closed a significant loan deal. The mixed-use property, designed by COOKFOX Architects, served as the subject of the transaction. The loan, totaling $1,250,000,000, was obtained as a construction loan.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $1,250,000,000
- Market: West Chelsea
- Lender: blackstone''>Blackstone, Goldman Sachs, KKR, Oaktree Capital Management, and Paramount Group
- Landlord: L&L Holding Company and Columbia Property Trust
- Architect: COOKFOX Architects
The loan was secured from prominent lenders, including Blackstone, Goldman Sachs, KKR, Oaktree Capital Management, and Paramount Group. L&L Holding Company and Columbia Property Trust served as the landlords in the deal. The esteemed architectural firm COOKFOX Architects contributed to the design of the Terminal Warehouse.
On the Map
$1,250,000,000
$9,191/SF
Mixed-use
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Players
New York 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
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93