Updated Jul 16, 2025
Extell Development Refinances Upper East Side Multifamily For $125M With Helaba
1637 1st Avenue, New York City, New York 10028, United States
$125,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 9, 2022
About this deal
AI
A multifamily property located at 1637 First Avenue in the Upper East Side has recently undergone a refinancing transaction. The property is owned by Extell Development, headed by Gary Barnett. The loan for this transaction was provided by helaba''>Helaba for a total amount of $125,000,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $125,000,000
- Address: 1637 First Avenue
- Market: Upper East Side
- Landlord: Extell Development - Gary Barnett
- Lender: Helaba
- Loan Type: Refinance
In this refinancing deal, Helaba acted as the lender to provide the necessary funds for the transaction. The borrower, Extell Development represented by Gary Barnett, utilized this loan to refinance the existing debt on the multifamily property located at 1637 First Avenue in the desirable Upper East Side market.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93