JLL Brokers $90M Loan For Office Portfolio Acquisition In Chelsea
520 W 20th St, New York, NY 10011, USA
$90,000,000
$529/SF
Building Size
170,000 SF
Asset Type
Office
Closing
Mar 12, 2020
About this deal
AI
The office property located at 520 West 20th Street, along with three additional properties, has been involved in a closed transaction in Chelsea. The property spans 170,000 square feet and was sold for a loan amount of $90,000,000. Safra Bank provided the funding for this deal.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $90,000,000
- Size: 170,000 square feet
- Address: 520 West 20th Street + 3 additional properties
- Market: Chelsea
The brokers involved in this deal were David Sitt and Michael Gigliotti from JLL. They played a crucial role in representing the parties involved in the 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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93