Gotham Organization Secures $247M Construction Loan For Mixed-Use Property On 10th Avenue
FINANCED
$42,000,000
New York
See Similar DealsMixed-use24,850 SF
Financed 06/12/2019
FINANCED
Gotham Organization Secures $247M Construction Loan For Mixed-Use Property On 10th Avenue
510 W 42nd St, New York, NY 10036, USA
See Similar DealsMixed-use24,850 SF
Financed 06/12/2019
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,690
Total Square Footage:24,850 SF
Transaction Type:Loan
The mixed-use property located at 550 10th Avenue in the Clinton - Hell's Kitchen market has been involved in a recent closed loan transaction. The property spans approximately 430,000 square feet and consists of 453 units.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $247,000,000
- Loan Type: Construction
- Far: 6.20
- Tax Class: 4
- Lot Size: 15,939
- Lot Dimension: 197.6 ft x 100 ft
In this transaction, the loan was provided by Wells Fargo, US Bank, and Lionheart Strategic Management. The landlord of the property is Gotham Organization, represented by Joel Picket and David Picket.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$42,000,000.00
Monthly NOI$280,000.00
Monthly Debt Service$265,468.57
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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