Jeff Sutton's Wharton Properties Secures $20.3M Refinance Loan From Provident Bank For Mixed-Use Asset
40 West 34th Street
$20,300,000
Building Size
—
Asset Type
Mixed-use
Closing
Jun 21, 2026
About this deal
AI
The asset involved in the transaction is a mixed-use retail building located at 40 West 34th Street in Manhattan's Penn Plaza. Wharton Properties secured a refinancing loan of $20.3 million for this property, with the deal closing on June 21, 2026.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $20,300,000
- Lender: Provident Bank
- Landlord: Jeff Sutton - Wharton Properties
- Loan Type: Refinance
- Closing Date: June 21, 2026
This transaction highlights Jeff Sutton, representing Wharton Properties, as the key individual in securing the refinance loan through Provident Bank. The refinancing will likely enable further development or enhancement of the mixed-use asset in a prime Manhattan location.
On the Map
$20,300,000
Mixed-use
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Players
West 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
0.78%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93