Wells Fargo Provides $15M Loan For Office Building In Garment District
341 West 38th Street, New York City, New York 10018, United States
$15,000,000
$273/SF
Building Size
54,935 SF
Asset Type
Office
Closing
Mar 28, 2022
About this deal
AI
A 54,935 square foot office located at 341 West 38th Street in the Garment District has recently been involved in a loan transaction. The loan, which was dated on March 29, 2022, amounted to $15,000,000. The lender for this transaction was Wells Fargo, while the landlord was Elk Investments.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $15,000,000
- Address: 341 West 38th Street
- Market: Garment District
- Loan Date: March 29, 2022
- Lender: Wells Fargo
- Landlord: Elk Investments
This loan transaction involved the property's current owner, Elk Investments, and the lender, Wells Fargo. The loan amount of $15,000,000 reflects the value attributed to the 54,935 square foot office located at 341 West 38th Street in the Garment District.
Players
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Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93