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.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Deal FAQ
Browse New York mixed use loans on Traded.
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