CushWake Secures $415M Loan For Office Building At 575 Lexington Avenue In Midtown Manhattan
FINANCED
$415,000,000
+ 2
New York
See Similar DealsOffice739,040 SF
Financed
FINANCED
CushWake Secures $415M Loan For Office Building At 575 Lexington Avenue In Midtown Manhattan
575 Lexington Avenue, Manhattan, New York, NY, USA
See Similar DealsOffice739,040 SF
Financed
+ 2
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$561
Total Square Footage:739040 SF
Transaction Type:Loan
The closed property transaction involved an office asset located at 575 Lexington Avenue in Midtown Manhattan. The transaction took place on March 22, 2021. The property is owned by Angelo, Gordon & Co., George Comfort & Sons, and Columbia Property Trust. The lenders involved in the loan are Aareal Capital Corporation, Paramount Group, and Oaktree Capital Management. The loan amount for this transaction was $415,000,000.
Summary of transation details
- Property Type: Office
- Transaction Amount: $415,000,000
- Lender: Aareal Capital Corporation, Paramount Group & Oaktree Capital Management
- Landlord: Angelo, Gordon & Co., George Comfort & Sons & Columbia Property Trust
Adam Spies, Steve Kohn, Adam Doneger, Alex Hernandez, and Alex Lapidus from CushWake acted as brokers in the deal.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$415,000,000.00
Monthly NOI$2,766,666.67
Monthly Debt Service$2,623,082.30
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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