Midtown Equities Secures $135 Million Refinance Loan From UBS For 33 9th Avenue
33 9th Avenue
$135,000,000
$1,542/SF
Building Size
87,500 SF
Asset Type
Mixed-use
Closing
Feb 3, 2025
AI
The asset involved in this transaction is located at 33 9th Avenue in the Meatpacking District. It encompasses a total square footage of 87,500 and comprises hospitality and retail components. This transaction involves a refinance loan amounting to $135,000,000.
Summary of transaction details:
- Property Type: Hospitality & Retail
- Transaction Amount: $135,000,000
- Address: 33 9th Avenue
- Market: Meatpacking District
- Lender: UBS
- Landlord: Midtown Equities
- Brokers: Tal Savariego & Robert Verrone - Iron Hound Management Company
- Loan Type: Refinance
Key individuals involved in this transaction include Tal Savariego and Robert Verrone, who represent Iron Hound Management Company as brokers. They played a crucial role in facilitating the refinance loan between the lender, UBS, and the landlord, Midtown Equities.
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
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93