Eretz Group Secures $185M Loan For Mixed-Use Property At 295 Madison Avenue In Midtown New York
FINANCED
$185,000,000
New York
See Similar DealsMixed-use301,000 SF
Financed 07/27/2018
FINANCED
Eretz Group Secures $185M Loan For Mixed-Use Property At 295 Madison Avenue In Midtown New York
Lefcourt Colonial Building, 295 Madison Ave, New York, NY 10017, USA
See Similar DealsMixed-use301,000 SF
Financed 07/27/2018
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$614
Total Square Footage:301,000 SF
Transaction Type:Loan
The mixed-use property located at 295 Madison Avenue in Midtown, New York has been involved in a closed transaction. The property spans approximately 301,000 square feet and has been acquired by Abe Talassazan’s Eretz Group. The transaction has been financed by a loan amounting to $185,000,000 provided by Aareal Capital Corporation.
Summary of transaction details:
- Property Type: Mixed
- Transaction Amount: $185,000,000
- Square Footage: 301,000
- Address: 295 Madison Avenue, Midtown, New York
- Landlord/Developer: Abe Talassazan’s Eretz Group
- Lender: Aareal Capital Corporation
Abe Talassazan’s Eretz Group, acting as the landlord and developer, has successfully acquired the mixed-use property located at 295 Madison Avenue in Midtown, New York. The financing for this transaction has been provided by Aareal Capital Corporation in the form of a loan amounting to $185,000,000.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$185,000,000.00
Monthly NOI$1,233,333.33
Monthly Debt Service$1,169,325.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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