HH Equities Secures $13.8M Refinance Loan With Safra National Bank For Office Building In NoMad, Manhattan
246 5th Avenue
$13,750,000
$429/SF
Building Size
32,049 SF
Asset Type
Office
Closing
Oct 4, 2023
AI
HH Equities, operating through Hh 246 Fifth, LLC, has secured a $13.8 million refinance loan with Safra National Bank for the office building located at 246 Fifth Avenue in NoMad, Manhattan. The building is an office asset with a total square footage of 32,049 sqft. It is situated in the NoMad market in Manhattan.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $13,750,000
- Address: 246 5th Avenue
- Market: NoMad, Manhattan
- Building Square Footage: 32,049 sqft
The loan was provided by Safra National Bank, with Stephan Mazzacca and Charles Shafer representing the bank. Meanwhile, Ariel Akkad, from HH Equities, acted as the landlord in the deal.
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
1.15%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93