Bank OZK & Carlyle Provide $540M Construction Financing For Mixed Use Property On 5th Ave
520 5th Avenue, New York City, New York 10017, United States
$540,000,000
$1,200/SF
Building Size
450,000 SF
Asset Type
Mixed-use
Closing
Mar 1, 2022
About this deal
AI
The mixed-use property located at 520 5th Ave in Midtown, Manhattan has recently undergone a closed transaction. The property spans an impressive 450,000 square feet and is situated in a prime location in the market.
Summary of transaction details
- Property Type: Mixed Use
- Transaction Date: 03/02/2022
- Address: 520 5th Ave, Midtown, Manhattan
- Market: Midtown, Manhattan
The transaction involved a loan from Bank OZK and Carlyle in the amount of $540,000,000. The loan type is construction financing, indicating that it was secured to facilitate the development or renovation of the property.
The landlord of the property is Rabina, a significant player in the real estate market. The deal was facilitated by brokers Chris Peck, Geoff Goldstein, Evan Pariser, Marko Kazanjian, and Alex Staikos, representing JLL.
By securing substantial financing and engaging reliable brokers, the transaction involving the mixed-use property at 520 5th Ave showcases the commitment of all parties involved towards the development and success of the asset.
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
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93