Bank Of America Provides $330M Refinance Loan For Office Property In NYC
11 W 42nd St New York, NY 10036, USA
$330,000,000
$7,500/SF
Building Size
44,000 SF
Asset Type
Office
Closing
Jun 29, 2023
About this deal
AI
The office property located at 11 West 42nd Street in New York City has recently undergone a loan transaction. The property spans 44,000 square feet and is owned by Tishman Speyer, represented by Rob Speyer. Bank Of America, led by Brian Moynihan, provided a loan of $330,000,000 to refinance this asset.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $330,000,000
- Address: 11 West 42nd Street
- Market: New York City
- Lender: Bank Of America - Brian Moynihan
- Landlord: Tishman Speyer - Rob Speyer
- Brokers: Jordan Roeschlaub & Dustin Stolly - Newmark
The loan transaction was facilitated by Jordan Roeschlaub and Dustin Stolly from Newmark. They played a crucial role in connecting Bank Of America and Tishman Speyer, ensuring the successful refinancing of the property. This transaction signifies the ongoing interest in New York City's commercial real estate market and highlights the trust between the involved parties.
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
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93