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Comjem Associates Secures $10.5M Refinance Loan For Flatiron Office Building

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FINANCED
$10,500,000

New York

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Office45,000 SF
Financed 03/05/2024
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FINANCED

Comjem Associates Secures $10.5M Refinance Loan For Flatiron Office Building

37 West 14th Street

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Office45,000 SF
Financed 03/05/2024
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$233
Total Square Footage:45,000 SF
Transaction Type:Loan

An office building located at 37 West 14th Street in Manhattan's Flatiron District has secured a $10.5 million refinance loan from Symetra Life Insurance Company. The loan amount replaces the previous debt held by JPMorgan Chase, with Colin M. Elder of Symetra Life Insurance Company acting as the lender for this transaction. The property spans 45,000 square feet with a building square footage of 62,150, and it is owned by Jack Cohen of Comjem Associates.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $10,500,000
  • Address: 37 West 14th Street
  • Market: Flatiron District, Manhattan
  • Lender: Colin M. Elder - Symetra Life Insurance Company
  • Landlord: Jack Cohen - Comjem Associates

Comjem Associates successfully secures the $10.5 million refinance loan from Symetra Life Insurance Company for the office building located at 37 West 14th Street in Manhattan. Jack Cohen of Comjem Associates serves as the landlord for this property, while Colin M. Elder represents Symetra Life Insurance Company as the lender in this transaction.

Players

LENDER

Details

FINANCED
IMAGE: 03/05/2024 ADDRESS: 37 West 14th Street MARKET: Flatiron District, Manhattan ASSET TYPE: Office ~ BSF: 62,150 ~ SF: 45,000 LENDER: Colin M. Elder - Symetra Life Insurance Company (@Symetra) LANDLORD: Jack Cohen - Comjem Associates LOAN AMOUNT: $10,500,000 LOAN TYPE: Refinance NOTE: Comjem Associates secures a $10.5 million refinance loan from Symetra Life Insurance Company for the office building at 37 West 14th Street in Manhattan's Flatiron District, replacing the prior debt held by JPMorgan Chase.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$10,500,000.00

Monthly NOI$70,000.00
Monthly Debt Service$66,367.14
Change in Cash Flow$0.00
Refinance Proceeds$0.00