Aareal Capital Corporation Refinances Office & Retail Property At 724 Fifth Avenue In New York For $260M
724 5th Avenue, New York City, New York 10003, United States
$260,000,000
Building Size
—
Asset Type
Office
Closing
Jan 31, 2023
About this deal
AI
The loan for the property at 724 Fifth Avenue in New York has been refinanced for $260,000,000. The property is a combination of office and retail space, located in the bustling market of New York.
Summary of transaction details:
- Property Type: Office & Retail
- Transaction Amount: $260,000,000
- Lender: Aareal Capital Corporation
- Landlord: Wharton Properties - Jeff Sutton
The loan was provided by Aareal Capital Corporation. The landlord for the property is Wharton Properties, represented by Jeff Sutton. No additional information about the transaction is available.
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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93