Alen Mamrout & Joe Mamrout Of American Exchange Group Landlord In $200M Loan For 1375 Broadway
1375 Broadway
$200,000,000
$391/SF
Building Size
511,000 SF
Asset Type
Office
Closing
Jan 2, 2025
AI
The property asset involved in this transaction is located at 1375 Broadway in the Garment District. The asset type is Office, with a total square footage of 511,000. The loan amount secured for this property is $200,000,000, under a note on note financing arrangement.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $200,000,000
- Address: 1375 Broadway
- Market: Garment District
- Lender: Jon Strain - Sail Harbor Capital
- Landlord: Alen Mamrout & Joe Mamrout - American Exchange Group
- Landlord's Rep: Jordan Roeschlaub, Nick Scribani, Adam Doneger & Adam Spies - Newmark
The deal involves key representatives including Jon Strain from Sail Harbor Capital, serving as the lender. The landlords, Alen Mamrout and Joe Mamrout, represent the American Exchange Group, while Jordan Roeschlaub, Nick Scribani, Adam Doneger, and Adam Spies from Newmark represent the landlords in this transaction.
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
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93