Wells Fargo Provides $575M Loan For Construction Of Office Building At 1 Madison Avenue
FINANCED
$575,000,000
New York
See Similar DealsOffice1,400,000 SF
Financed 12/09/2022
FINANCED
Wells Fargo Provides $575M Loan For Construction Of Office Building At 1 Madison Avenue
1 Madison Avenue
See Similar DealsOffice1,400,000 SF
Financed 12/09/2022
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$410
Total Square Footage:1,400,000 SF
Transaction Type:Loan
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.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$575,000,000.00
Monthly NOI$3,833,333.33
Monthly Debt Service$3,634,391.14
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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