Bank Of Montreal Provides $215M Loan For 439K SF Office In Times Square
1450 Broadway, Manhattan, New York, NY, USA
$215,000,000
$488/SF
Building Size
439,785 SF
Asset Type
Office
Closing
Aug 25, 2021
About this deal
AI
1450 Broadway, located in Times Square, has recently secured a loan transaction. The office building spans across 439,785 square feet, making it a substantial asset in the market. The loan amount for this transaction is $215,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $215,000,000
- Address: 1450 Broadway
- Market: Times Square
- Asset Type: Office
- Square Footage: 439,785
Bank of Montreal, represented by Paul Vanderslice, provided the loan for this transaction. The landlord of 1450 Broadway is ZG Capital Partners. Newmark's brokers, Dustin Stolly, Jordan Roeschlaub, and Daniel Fromm, facilitated the deal.
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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93