CSC Real Estate Secures $108 Million Construction Loan From SCALE Lending For Office Conversion At 770 2nd Ave
FINANCED
$108,000,000
New York
See Similar DealsOffice
Financed 04/14/2026
FINANCED
CSC Real Estate Secures $108 Million Construction Loan From SCALE Lending For Office Conversion At 770 2nd Ave
300 East 42nd Street
See Similar DealsOffice
Financed 04/14/2026
Summary
NEW YORK
Asset Type:Office
Transaction Type:Loan
The asset involved in this transaction is an office to residential conversion located at 770 2nd Avenue in the Manhattan market. The loan amount secured for this project is $108,000,000, provided by SCALE Lending under a construction loan type.
Summary of transaction details:
- Property Type: Office to Residential Conversion
- Transaction Amount: $108,000,000
- Lender: SCALE Lending
- Landlord: CSC Real Estate
- Landlord's Representative: Morris Betesh & Louis Halperin - Arrow Real Estate Advisors
Key individuals involved in this deal include Sal Smeke, Alberto Smeke, Morris Betesh, Louis Halperin, Martin Nussbaum, and Daniel Ridloff. They represent a collaborative effort in managing and facilitating the transaction, showcasing the various roles played by each party within the construction loan agreement.
Players
LENDER
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$108,000,000.00
Monthly NOI$720,000.00
Monthly Debt Service$682,633.47
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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