JPMorgan Chase Provides $70M Refinance Loan For Office Building In Hudson Yards
307 West 38th Street, New York, NY, USA
$70,000,000
$255/SF
Building Size
274,209 SF
Asset Type
Office
Closing
May 13, 2020
AI
The property involved in this closed transaction is an office located at 307 West 38th Street in the Hudson Yards market. The asset has a total square footage of 274,209 and its address is in New York.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $70,000,000
- Lender: JPMorgan Chase
- Landlord: George Comfort & Sons
JPMorgan Chase provided a loan of $70,000,000 for the transaction. The loan was for the purpose of refinancing the property. The landlord in this deal is George Comfort & Sons.
In 2018, Gay Men’s Health Crisis, a leading provider of HIV/AIDS prevention, care, and advocacy, signed a 30-year lease for 112,000 square feet at the property.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93