Wells Fargo Provides $575M Loan For Construction Of Office Building At 1 Madison Avenue
1 Madison Avenue
$575,000,000
$410/SF
Building Size
1,400,000 SF
Asset Type
Office
Closing
Dec 9, 2022
About this deal
AI
The property involved in this transaction is an office space located at 1 Madison Avenue in the Flatiron District of Manhattan. The property spans approximately 1,400,000 square feet and is owned by SL Green Realty, Hines, and the National Pension Service of Korea.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $575,000,000
- Lender: Wells Fargo - Andrew S. Levine
- Landlord: SL Green Realty, Hines & National Pension Service of Korea
- Loan Type: Construction
Andrew S. Levine from Wells Fargo served as the lender for this transaction. He provided a loan of $575,000,000 for the construction of the office space located at 1 Madison Avenue, in the Flatiron District of Manhattan. SL Green Realty, Hines, and the National Pension Service of Korea are the landlords of the property.
Players
New York 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
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93