Extell Development Secures $150M Construction Loan For 36 West 66th Street Residences In Lincoln Square, Manhattan
36 W 66th St New York, NY 10023, USA
$150,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 21, 2023
AI
Extell Development has obtained a $150 million construction loan from Bank OZK for the residential elevator building at 36 West 66th Street in Lincoln Square, Manhattan. The property, located in the bustling Lincoln Square market, is a multifamily building with 127 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $150,000,000
- Address: 36 West 66th Street, Lincoln Square, Manhattan
- Market: Lincoln Square, Manhattan
- Units: 127
The loan, provided by Bank OZK, will be used for the construction of the residential elevator building. Extell Development, led by Marc Kwestel, serves as the landlord for this project.
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
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93