CushWake Secures $415M Loan For Office Building At 575 Lexington Avenue In Midtown Manhattan
575 Lexington Avenue, Manhattan, New York, NY, USA
$415,000,000
$561/SF
Building Size
739,040 SF
Asset Type
Office
Closing
Mar 21, 2021
AI
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
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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93