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Bank OZK Lends $73.75M For Construction Loan At 335 8th Avenue, Chelsea, Manhattan

Property Image
FINANCED
$73,750,000
Nicco Lupo
Jillian Mariutti
Geoff Goldstein
+ 3

New York

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MultiFamily210,000 SF
Financed 12/22/2023
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Property Image
FINANCED

Bank OZK Lends $73.75M For Construction Loan At 335 8th Avenue, Chelsea, Manhattan

355 8th Avenue

See Similar Deals
MultiFamily210,000 SF
Financed 12/22/2023
Nicco Lupo
Jillian Mariutti
Geoff Goldstein
+ 3
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$351
Total Square Footage:210,000 SF
Transaction Type:Loan

The multifamily property located at 335 8th Avenue in Chelsea, Manhattan has been involved in a recent loan transaction. The property spans a total square footage of 210,000 and consists of 188 units. The loan amount for this transaction is $73,750,000, and it falls under the category of Construction loans.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $73,750,000
  • Address: 335 8th Avenue
  • Market: Chelsea, Manhattan
  • Square Footage: 210,000
  • Number of Units: 188

The loan was provided by Bank OZK, while the landlord, MAG Partners, was involved in the transaction. The deal was facilitated by brokers Geoff Goldstein, Rob Hinckley, Jeffrey Julien, Jillian Mariutti, Stephen Van Leer, and Nicco Lupo from JLL.

Players

Jeffrey (Jeff) Julien
JLL
Jeffrey Julien
58 deals$9B volume
BROKER
Geoff Goldstein
JLL
Geoff Goldstein
55 deals$7.9B volume
BROKER
Rob Hinckley
JLL
Rob Hinckley
81 deals$11.6B volume
BROKER
Jillian Mariutti
JLL
Jillian Mariutti
20 deals$1.7B volume
BROKER
Nicco Lupo
JLL
Nicco Lupo
47 deals$9B volume
BROKER
Stephen Van Leer
JLL
Stephen Van Leer
17 deals$1.2B volume(516) 661-0102
BROKER
Bank OZK
Bank OZK
LENDER
MP
MAG Partners
LANDLORD

Details

FINANCED
IMAGE: Geoff Goldstein, Jeff Rosen, Rob Hinckley, MaryAnne Gilmartin, Jeffrey Julien, Adam Friendlich, Jillian Mariutti, Danny Jumblatt, Stephen Van Leer & Nicco Lupo DATE: 12/22/2023 ADDRESS: 335 8th Avenue MARKET: Chelsea, Manhattan ASSET TYPE: Multifamily ~ SF: 210,000 ~ UNITS: 188 LENDER: Bank OZK (@BankOZK) LANDLORD: MAG Partners (@Mag_Partners) BROKERS: Geoff Goldstein, Rob Hinckley, Jeffrey Julien (@Jeff.Julien), Jillian Mariutti (@JillianMariutti_CRE), Stephen Van Leer (@SVanLeer) & Nicco Lupo - JLL (@JLL) LOAN AMOUNT: $73,750,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$73,750,000.00

Monthly NOI$491,666.67
Monthly Debt Service$466,150.17
Change in Cash Flow$0.00
Refinance Proceeds$0.00