Bank Of America, Citigroup, And Wells Fargo Provide $1.1B Loan For Midtown Office Building Acquisition By The Durst Organization
1133 Avenue of the Americas, New York, NY, USA
$1,100,000,000
$26,159/SF
Building Size
42,050 SF
Asset Type
Office
Closing
Apr 5, 2021
About this deal
AI
The property involved in this closed transaction is an office asset located at 1133 Avenue of the Americas and 114 West 47th Street in Midtown. The loan, which was secured by the property, was finalized on April 6, 2021.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $1,100,000,000
- Lender: Bank of America, Citigroup, and Wells Fargo
- Landlord: The Durst Organization
- Loan Terms: 10-year, fixed-rate, interest-only CMBS loan
The loan was provided by Bank of America, Citigroup, and Wells Fargo. The Durst Organization served as the landlord in this deal. The loan amount was $1,100,000,000, and it had a term of 10 years with a fixed interest rate and interest-only payments.
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
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93