Williams Equities Secures $155M CMBS Loan For Mixed-Use Property In Chelsea
28 West 23rd Street & 40 West 23rd Street
$155,000,000
$134/SF
Building Size
576,000 SF
Asset Type
Mixed-use
Closing
Apr 9, 2024
About this deal
AI
The 576,000-square-foot mixed-use office property located at 28-40 West 23rd Street in the Flatiron District of Manhattan secured a $155 million CMBS loan. The loan was provided by Citi Real Estate Funding and facilitated by Joe Dyckman. Williams Equities utilized the five-year loan to refinance existing debt and finance enhancements to the building.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $155,000,000
- Address: 28-40 West 23rd Street
- Market: Flatiron District
- Lender: Citi Real Estate Funding - Joe Dyckman
- Brokers: Russell Schildkraut & Simon Ziff - Ackman-Ziff
Russell Schildkraut and Simon Ziff from Ackman-Ziff played crucial roles as brokers in the deal, representing the parties involved in the transaction. Their expertise in the real estate market contributed to the successful financing of the property, ensuring a smooth process for Williams Equities in securing the necessary loan amount.
On the Map
$155,000,000
$134/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
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93