Hirshmark Capital Provides $5M Bridge Loan For Midtown West Office Building
FINANCED
$5,000,000
New York
See Similar DealsOffice60,000 SF
Financed 02/25/2022
FINANCED
Hirshmark Capital Provides $5M Bridge Loan For Midtown West Office Building
323 West 39th Street, New York City, New York 10018, United States
See Similar DealsOffice60,000 SF
Financed 02/25/2022
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$83
Total Square Footage:60,000 SF
Transaction Type:Loan
The property involved in this closed transaction is an office space located at 323 West 39th Street in Midtown West, Manhattan. The property spans approximately 60,000 square feet and is owned by the Elizabeth Foundation of the Arts.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $5,000,000
- Address: 323 West 39th Street, Midtown West, Manhattan
- Market: Midtown West, Manhattan
- Loan Amount: $5,000,000
- Loan Type: Bridge Loan
In this transaction, the lender, Hirshmark Capital, provided a bridge loan of $5,000,000 for the property. They were represented by Jake Soodek from Hirshmark Capital. The Elizabeth Foundation of the Arts acted as the landlord in this deal.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$5,000,000.00
Monthly NOI$33,333.33
Monthly Debt Service$31,603.40
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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