Signature Bank Provides $120M Refinance Loan For Office Building On Fifth Avenue
350 Madison Ave, New York, NY 10017, USA
$250,000,000
$625/SF
Building Size
400,000 SF
Asset Type
Office
Closing
Sep 18, 2018
About this deal
AI
Located at 551 Fifth Avenue in the Grand Central area of Manhattan, this office property has recently undergone a significant transaction. The asset spans a total of 427,158 square feet, making it a substantial space in a prime location.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $120,000,000
- Date: 11/01/2022
- Lender: Signature Bank
- Landlord: Feil Organization - Jeffrey J. Feil & Malkin Holdings - Anthony E. Malkin
- Loan Type: Refinance
During the transaction, Signature Bank provided a loan of $120,000,000 to the property owners. The loan, which took place on 11/01/2022, served as a refinancing arrangement. The landlords involved in the transaction include the Feil Organization, represented by Jeffrey J. Feil, and Malkin Holdings, represented by Anthony E. Malkin.
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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93