Wells Fargo Provides $150M Refinance Loan For Office Building In Downtown Brooklyn
1 MetroTech Center, 1 MetroTech Center, New York City, New York 11201, United States
$150,000,000
$152/SF
Building Size
985,000 SF
Asset Type
Office
Closing
Apr 3, 2022
About this deal
AI
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $150,000,000
- Address: 1 MetroTech Center, Downtown Brooklyn
- Market: Downtown Brooklyn
- Square Footage: 985,000 SF
The recently closed property transaction involved an office space located at 1 MetroTech Center in Downtown Brooklyn. The property spans approximately 985,000 square feet and is situated in the thriving market of Downtown Brooklyn.
The lender responsible for providing the loan for this transaction was Wells Fargo, with Charlie Scharf representing the institution. The loan amount was $150,000,000, and it was classified as a refinancing loan. The landlord of the property is Brookfield Property Group, represented by Ben Brown. The brokers who facilitated the deal were Jordan Roeschlaub and Dustin Stolly from Newmark.
Players
Brooklyn 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
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93