Bank Of America Provides $72M Loan For Office Property In Melville
1 Huntington Quadrangle, Melville, NY, USA
$72,000,000
$130/SF
Building Size
551,000 SF
Asset Type
Office
Closing
Feb 21, 2021
About this deal
AI
The office building located at 1 Huntington Quadrangle and 80 Baylis Road in Melville has been involved in a recent transaction. The property spans 551,000 square feet and falls under the office asset type.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $72,000,000
- Date: 02/22/2021
- Lender: Bank of America
- Landlord: Angelo Gordon & Co. and The WE'RE Group
- Brokers: Jordy Roeschlaub, Chris Kramer, Nick Scribani, Dustin Stolly, Ben Kroll, Adrie Moses-Bailey at Newmark
The deal involved several key individuals and companies. Chris Kramer, Brian Moynihan, Jordy Roeschlaub, Zachary Rechler, Dustin Stolly, Adam Schwartz, and Nick Scribani were captured in an Instagram photo related to the transaction. Additional parties include the lender, Bank of America. The landlords are Angelo Gordon & Co. and The WE'RE Group. Representing the deal were brokers Jordy Roeschlaub, Chris Kramer, Nick Scribani, Dustin Stolly, Ben Kroll, and Adrie Moses-Bailey from Newmark.
On the Map
$72,000,000
$130/SF
Office
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Players
Melville Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93