Newmark Brokers Refinance Loan Of $590M For 907k SF Midtown Office Building
1540 Broadway, New York City, New York 10036, United States
$590,000,000
$650/SF
Building Size
907,427 SF
Asset Type
Office
Closing
Mar 31, 2022
About this deal
AI
The property asset involved in this transaction is an office located at 1540 Broadway in the Midtown market. The total square footage of the asset is 907,427 and it is associated with a loan amount of $590,000,000, specifically categorized as a refinance. The landlords for this property are EDGE Fund Advisors and HSBC Alternative Investment Limited.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $590,000,000
- Address: 1540 Broadway
- Market: Midtown
- Square Footage: 907,427
- Lender: Apollo, MSD & Monarch
- Landlord: EDGE Fund Advisors & HSBC Alternative Investment Limited
- Brokers: Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Alex Foshay, Daniel Fromm & Nick Scribani - Newmark
The key individuals and companies involved in this transaction include brokers Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Alex Foshay, Daniel Fromm, and Nick Scribani, all representing Newmark. Their involvement is critical in facilitating the refinancing of this significant office asset.
On the Map
$590,000,000
$650/SF
Office
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Players
New York Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93