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
$185,000,000
$614/SF
Building Size
301,000 SF
Asset Type
Mixed-use
Closing
Jul 26, 2018
About this deal
AI
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.
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
0.09%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93