TPG Real Estate Finance Provides $300M Loan For Office Property At 575 Fifth Avenue, Midtown
575 5th Ave, New York, NY 10017, USA
$300,000,000
$14,938/SF
Building Size
20,083 SF
Asset Type
Office
Closing
Aug 27, 2019
About this deal
AI
575 Fifth Avenue, located in Midtown, was the subject of a recent closed property transaction. The office building, owned by Beacon Capital Group, has garnered attention in the market. The deal involved a significant loan amount of $300,000,000, provided by TPG Real Estate Finance.
Summary of Transaction Details
- Property Type: Office
- Address: 575 Fifth Avenue, Midtown
- Lender: TPG Real Estate Finance
- Landlord: Beacon Capital Group
- Loan Amount: $300,000,000
This transaction was facilitated by the respective representatives involved. Chris Cook represented Beacon Capital Group, and TPG Real Estate Finance was represented by their own team. The deal showcases the strong activity in the Midtown market and highlights the confidence of lenders in financing large-scale projects.
On the Map
$300,000,000
$14,938/SF
Office
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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
0.05%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93