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Hector Cordero-Guzman's Office In Garment District Refinanced With $70M Loan

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FINANCED
$70,000,000

New York

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Office268,420 SF
Financed 05/13/2024
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Property Image
FINANCED

Hector Cordero-Guzman's Office In Garment District Refinanced With $70M Loan

230 West 41st Street

See Similar Deals
Office268,420 SF
Financed 05/13/2024
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$260
Total Square Footage:268,420 SF
Transaction Type:Loan

The asset involved in the transaction is an office building located at 230 West 41st Street in the Garment District of Manhattan, encompassing a total of 268,420 square feet. A refinance loan of $70,000,000 was secured for this property.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $70,000,000
  • Address: 230 West 41st Street
  • Market: Garment District, Manhattan
  • Lender: BankUnited
  • Lender's Representative: Laura Ackerman
  • Landlord: Hector Cordero-Guzman
  • Landlord's Company: Research Foundation of The City University of New York
  • Previous Holder: Voya Financial
  • Loan Type: Refinance

The deal was orchestrated with Hector Cordero-Guzman representing the Research Foundation of The City University of New York in securing the refinance loan from BankUnited, assisted by Laura Ackerman as the lending representative.

Players

Bank United
Bank United
LENDER

Details

FINANCED
IMAGE: Hector Cordero-Guzman DATE: 05/13/2024 ADDRESS: 230 West 41st Street MARKET: Garment District, Manhattan ASSET TYPE: Office ~ SF: 268,420 LENDER: BankUnited - Laura Ackerman LANDLORD: Hector Cordero-Guzman - Research Foundation of The City University of New York LOAN AMOUNT: $70,000,000 LOAN TYPE: Refinance NOTE: The Research Foundation of The City University of New York, represented by Hector Cordero-Guzman, secured a $70 million refinance loan from BankUnited for their office building at 230 West 41st Street in Garment District, Manhattan, previously held by Voya Financial.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$70,000,000.00

Monthly NOI$466,666.67
Monthly Debt Service$442,447.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00