Webster Bank Provides $50M Refinance Loan For Office Building In Meatpacking District
2 Ninth Avenue, Meatpacking District, New York, NY 10014, USA
$50,000,000
$1,279/SF
Building Size
39,068 SF
Asset Type
Office
Closing
Feb 22, 2023
AI
A refinance loan has been secured for an office property located at 2 Ninth Avenue in the Meatpacking District. The property spans an area of 39,068 square feet and is owned by Aurora Capital Associates, represented by Robert Cayre. The loan, valued at $50,000,000, has been provided by Webster Bank, with Nelson Ornelas as the lender's representative.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $50,000,000
- Address: 2 Ninth Avenue
- Market: Meatpacking District
- Square Footage: 39,068
This refinance deal involves Webster Bank serving as the lender and Nelson Ornelas as the bank's representative. On the other side of the transaction, Aurora Capital Associates, headed by Robert Cayre, acts as the landlord for the office property located at 2 Ninth Avenue in the Meatpacking District.
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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93