Capital One Provides $120M Loan Extension For Office Properties In Midtown South & NoMad
19 West 24th Street, New York City, New York 10010, United States
$120,000,000
$328/SF
Building Size
365,000 SF
Asset Type
Office
Closing
May 10, 2022
About this deal
AI
A loan extension has been secured for multiple office properties in Midtown South and NoMad. The properties involved include 19 West 24th St., 119 West 24th St., 15 West 27th St., 45 West 27th St., and 234 Fifth Ave. These properties have a combined square footage of 365,000 square feet.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $120,000,000
- Lender: Capital One
- Landlord: Kaufman Organization - Michael Kazmierski & Lorenzo Bakewell-Stone - Kaufman Investments
The loan extension, provided by Capital One, amounts to $120,000,000. The landlord in this deal is the Kaufman Organization, represented by Michael Kazmierski and Lorenzo Bakewell-Stone of Kaufman Investments. This extension secures the financing for the mentioned office properties, allowing for continued operations and development within the Midtown South and NoMad markets.
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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93