TD Bank Provides $6M Refinance Loan For Central Harlem Office Building On West 127th Street
159 West 127th Street, New York City, New York 10027, United States
$6,000,000
$400/SF
Building Size
15,000 SF
Asset Type
Office
Closing
Dec 20, 2021
About this deal
AI
Located in Central Harlem, the office property at 159 West 127th Street has recently undergone a refinancing transaction. The property spans approximately 15,000 square feet and is owned by Jorge Madruga of MADD Equities. The loan for this transaction was secured from TD Bank for a total amount of $6,000,000.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $6,000,000
- Date: 12/20/2021
- Address: 159 West 127th Street, Central Harlem
- Lender: TD Bank
- Landlord: Jorge Madruga - MADD Equities
- Broker: Brad Domenico - Progress Capital
- Loan Type: Refinance
- Loan Terms: 10-Year Fixed in the 3.00% range
The deal was facilitated by Brad Domenico of Progress Capital, who represented the borrower in securing the refinancing loan from TD Bank. The transaction marks a strategic move for the property owner, Jorge Madruga of MADD Equities, in optimizing the property's financial position.
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
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93