Wharton Properties Secures $235M Loan For Mixed-Use Property At 724 Fifth Avenue
724 Fifth Avenue, Manhattan, New York, NY, USA
$235,000,000
$3,394/SF
Building Size
69,237 SF
Asset Type
Mixed-use
Closing
Mar 9, 2021
About this deal
AI
Located at 724 Fifth Avenue in Midtown, this mixed-use property recently closed a loan transaction. The property is owned by Wharton Properties and features a retail tenant, @Prada. The loan amount for this transaction was $235,000,000 and the lender involved was Aareal Capital Corporation.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $235,000,000
- Address: 724 Fifth Avenue
- Market: Midtown
- Landlord: Wharton Properties
- Retail Tenant: @Prada
- Lender: Aareal Capital Corporation
Joseph Sutton and Jeff Sutton were involved in this transaction as representatives. They played a key role in facilitating the deal between the parties.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Deal FAQ
Visit Wharton Properties to view all their deals.
Browse New York mixed use loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93