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First Republic Bank Provides $18M Refinance Loan For Office Building On West 38th Street, Penn Plaza

325 West 38Th Street
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This Office property located in NY received a loan of $18,000,000 over 2 years ago. The brokers of the deal were Emanuel Westfried, Jonathan "Jon" Bodner, and Christopher (Chris) Okada

A loan refinance transaction has taken place at 325 West 38th Street in Penn Plaza, with an office building spanning 110,000 square feet. The loan, worth $18,000,000, was provided by First Republic Bank. The landlord in this deal is Falcon Properties. The brokers involved in this transaction were Chris Okada of kadaCo, and Jonathan Bodner and Emanuel Westfried of Two Bins.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $18,000,000
  • Address: 325 West 38th Street
  • Market: Penn Plaza
  • Asset Square Footage: 110,000
  • Lender: First Republic Bank
  • Landlord: Falcon Properties
  • Brokers: Chris Okada - kadaCo, Jonathan Bodner & Emanuel Westfried - Two Bins

In addition to the loan refinance, Chris Okada reflects on the constantly changing nature of the real estate market. Over the years, his company has adapted to various phases and strategies, from commercial leasing to opportunistic debt buying to real estate acquisition. Okada emphasizes the importance of financial stability for their properties and expresses dedication to serving long-time friends, clients, and partners in their mortgage needs.

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Deals
  • Location
    325 West 38th Street, New York, NY, USA325 West 38th Street, New York, NY, USA
  • Loan Value
    $18,000,000$18,000,000
  • Asset Type
    OfficeOffice
  • Parties
    3 Brokers, 1 Agency, 1 Lender3 Brokers, 1 Agency, 1 Lender

Agents

Jonathan "Jon" Bodner

Jonathan "Jon" Bodner

Deals6
Financed$341.5M

Emanuel Westfried

Emanuel Westfried

Deals7
Financed$510.3M

Agency

Okada & Company

Okada & Company

Agency
Deals92
Volume$391.8M

First Republic Bank

First Republic Bank

Lender
Deals38
Volume$ 62.6B

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Deal Summary

LOAN IMAGE: Chris Okada & Jonathan Bodner DATE: 09/13/2021 ADDRESS: 325 West 38Th Street MARKET: Penn Plaza ASSET TYPE: Office ~ SF: 110,000 LENDER: First Republic Bank LANDLORD: Falcon Properties BROKERS: Chris Okada (@ChrisOkada) - @OkadaCo, Jonathan Bodner & Emanuel Westfried - Two Bins LOAN AMOUNT: $18,000,000 LOAN TYPE: Refinance NOTE FROM @OkadaCo: THE GAME IS ALWAYS CHANGING.. In 2006 the game was launch Okada & Co & do as many commercial leases as possible & survive the startup years. When we got into our groove, 2008 came along. In 2008-2010, the game was to convert all those landlord relationships to opportunistic buyers of distressed debt all a while keeping the leasing machine going. In 2011, realizing that I had a knack for finding deals, I began acquiring real estate all a while keeping the leasing machine going. In the red hot 2014 market, we launched our first residential condo project which sold 70% in the first 6 months.. by 2015 the condo market was over supplied & took us 2 years to sell the rest of the 30%... of course we were still leasing in the background. 2016 was the last time anything made any sense, & the acquisition game was put on hold... but the sales & leasing machine kept going. In 2020 the game changed again, & it was about making sure all our properties were financially stable AND going after new deals as it's been years since anything made sense AND absolutely crushing the leasing game. The game is constantly changing.. & this deal is a nugget of that. I don't do mortgages, but for our long time friends, clients, & partners... we will take care of it & you.

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