Ares Commercial Real Estate Provides $227M Loan For SoHo Office Buildings
520 Broadway, Manhattan, New York, NY, USA
$227,000,000
$945/SF
Building Size
240,000 SF
Asset Type
Office
Closing
Jun 21, 2021
AI
The office property located at 520 & 524 Broadway in SoHo has recently undergone a closed transaction. The property spans a total area of 240,000 square feet.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $227,000,000
- Address: 520 & 524 Broadway, SoHo
The lender for this transaction was Ares Commercial Real Estate, while the landlord involved was Northwood Investors. The deal was facilitated by the brokers Gideon Gil, Steve Kohn, Alex Hernandez, and Lauren Kaufman from Cushman & Wakefield.
No additional information is available regarding this transaction.
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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93