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Flushing Bank Provides $8.7M Refinance Loan For Mixed-Use Property In Hell's Kitchen Manhattan

Property Image
FINANCED
$8,700,000
Matt Swerdlow
Christoffer (Chris) Brodhead
Ben Schlegel
+ 1

New York

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Mixed-use46,402 SF
Financed 06/25/2024
the dealplayerscompscontact
Property Image
FINANCED

Flushing Bank Provides $8.7M Refinance Loan For Mixed-Use Property In Hell's Kitchen Manhattan

732 8th Avenue & 346 West 48th Street

See Similar Deals
Mixed-use46,402 SF
Financed 06/25/2024
Matt Swerdlow
Christoffer (Chris) Brodhead
Ben Schlegel
+ 1
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$187
Total Square Footage:46,402 SF
Transaction Type:Loan

The asset involved in this transaction is a mixed-use property located at 732 8th Avenue & 346-48th West 46th Street in the Hell's Kitchen market of Manhattan. The property measures 23,201 square feet and has a loan amount of $8,700,000, which is secured through a refinance loan.

Summary of transaction details:

The transaction involved several key individuals from Ariel Property Advisors, specifically Ben Schlegel, Matt Swerdlow, Rhea Vivek, and Christoffer Brodhead, who represented the parties involved in securing the refinance loan from Flushing Bank.

Players

Matt Swerdlow
Ariel Property Advisors
Matt Swerdlow
26 deals$311.3M volume
BROKER
Christoffer (Chris) Brodhead
Ariel Property Advisors
Christoffer Brodhead
13 deals$126.3M volume
BROKER
Ben Schlegel
Ariel Property Advisors
Ben Schlegel
3 deals$87.1M volume
BROKER
Rhea Vivek
Ariel Property Advisors
Rhea Vivek
1 deal$8.7M volume
BROKER
Flushing Bank
Flushing Bank
LENDER

Details

FINANCED
IMAGE: Ben Schlegel, Matt Swerdlow, Rhea Vivek, Christoffer (Chris) Brodhead DATE: 06/25/2024 ADDRESS: 732 8th Avenue & 346-48th West 46th Street MARKET: Hell's Kitchen, Manhattan ASSET TYPE: Mixed-use ~ SF: 23,201 LENDER: Flushing Bank BROKERS: Ben Schlegel (@B_Schlegel), Matt Swerdlow (@Matt.Swerdlow), Rhea Vivek (@Rheagowda) & Christoffer Brodhead - Ariel Property Advisors (@ArielPA.NYC) LOAN AMOUNT: $8,700,000 LOAN TYPE: Refinance LOAN TERMS: 3 Year FHLBNY + 3% (Fixed Rate)

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$8,700,000.00

Monthly NOI$58,000.00
Monthly Debt Service$54,989.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00