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55 Broadway, Manhattan, New...

AIG Provides $116.1M Loan For Office Building At 55 Broadway In Lower Manhattan
FINANCEDOffice

AIG Provides $116.1M Loan For Office Building At 55 Broadway In Lower Manhattan

55 Broadway, Manhattan, New York, NY, USA

$116,100,000

$375/SF

Building Size

309,381 SF

Asset Type

Office

Closing

Apr 29, 2021

AI

Located in Lower Manhattan, the office building at 55 Broadway was involved in a recent transaction. On April 30, 2021, an affiliate of AIG provided a loan amounting to $116,100,000 for the property. The landlord for the building is Harbor Group International. The deal was facilitated by Ronnie Levine and Ben Jacobs from the Meridian Capital Group, who represented the parties involved.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $116,100,000
  • Address: 55 Broadway
  • Market: Lower Manhattan

The loan was acquired from an affiliate of AIG, adding financial support to the property acquisition. Harbor Group International acts as the landlord for 55 Broadway. The Meridian Capital Group, namely Ronnie Levine and Ben Jacobs, played a crucial role as brokers in this transaction.

Players

Ben Jacobs

Meridian Capital Group

Broker

$571.4M

vol

17 deals

Broker
Harbor Group International
Harbor Group InternationalLandlord

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

0.14%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93