First Republic Bank Refinances Office Building In New York For $46.5M

The office building located at 160 W 124th St in New York has recently undergone a loan transaction. The property spans an area of 89,400 square feet and is owned by Park-It Management.

Summary of transation details

• Property Type: Office
• Transaction Amount: $46,500,000
• Lender: First Republic Bank
• Loan Type: Refinance
• Loan Terms: 10-year fixed-rate loan at 5.10%

The loan was provided by First Republic Bank. It is a 10-year fixed-rate loan at an interest rate of 5.10%. The implied spread at the rate lock was 140 basis points over the 10-year UST. The loan is structured as a par loan with a 3-year interest-only period.

Robert Altman from Altman Warwick represented the borrower, Park-It Management, in this loan refinance deal.