Newmark Brokers Refinance Loan On Williamsburg Office Property For $178M
25 Kent Avenue, Brooklyn, New York 11249, United States
$178,000,000
$348/SF
Building Size
511,161 SF
Asset Type
Office
Closing
Mar 3, 2022
About this deal
AI
Located at 25 Kent Ave in Williamsburg, this office property spans a total of 511,161 square feet. The asset was recently involved in a closed transaction.
Summary of transation details
- Property Type: Office
- Transaction Amount: $178,000,000
- Loan Type: Refinance
The loan for this transaction was provided by Apollo, represented by Marc Rowan and Scott Weiner. Rubenstein Partners, with David Rubenstein as the landlord, was the recipient of the loan. Newmark brokers Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Daniel Fromm, and Nick Scribani were involved in facilitating this transaction.
On the Map
$178,000,000
$348/SF
Office
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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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93