Wasserstein Enterprises Secures $19.9 Million Refinance Loan For 115 West 18th Street Office In Chelsea
115 West 18th Street
$19,874,071
$87/SF
Building Size
228,000 SF
Asset Type
Office
Closing
Dec 7, 2023
About this deal
AI
Wasserstein Enterprises, through its entity Wasserstein Enterprises L.L.C., secured a $19.9 million refinance loan from Apple Bank for Savings for the office building located at 115 West 18th Street in Chelsea, Manhattan. The property is an office space covering a total area of 228,000 square feet.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $19,874,071
- Lender: Howard Hsu - Apple Bank For Savings
- Landlord: Rita Wasserstein Warner - Wasserstein Enterprises
- Loan Type: Refinance
The loan was obtained by Wasserstein Enterprises, represented by Rita Wasserstein Warner from Wasserstein Enterprises, L.L.C., and funded by Howard Hsu from Apple Bank for Savings. This refinance transaction provides financial support for the office building's continued operations and potential future improvements.
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$19,874,071
$87/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.80%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93