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Webster Bank Provides $50M Refinance Loan For Office Building In Meatpacking District

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FINANCED
$50,000,000

New York

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Office39,068 SF
Financed 02/22/2023
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Property Image
FINANCED

Webster Bank Provides $50M Refinance Loan For Office Building In Meatpacking District

2 Ninth Avenue, Meatpacking District, New York, NY 10014, USA

See Similar Deals
Office39,068 SF
Financed 02/22/2023
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$1,279
Total Square Footage:39,068 SF
Transaction Type:Loan

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.

Details

FINANCED
IMAGE: Robert Cayre DATE: 02/22/2023 ADDRESS: 2 Ninth Avenue MARKET: Meatpacking District ASSET TYPE: Office ~ SF: 39,068 LENDER: Webster Bank (@WebsterBank) - Nelson Ornelas LANDLORD: Aurora Capital Associates - Robert Cayre LOAN AMOUNT: $50,000,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$50,000,000.00

Monthly NOI$333,333.33
Monthly Debt Service$316,034.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00