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576 5th Avenue

KEB Hana Bank USA Provides $60 Million Loan For Jae Young Kim's Office Tower In Midtown Manhattan
FINANCEDOffice

KEB Hana Bank USA Provides $60 Million Loan For Jae Young Kim's Office Tower In Midtown Manhattan

576 5th Avenue

$60,000,000

Building Size

Asset Type

Office

Closing

Jul 16, 2024

AI

The property asset involved in this transaction is an office tower located at 576 5th Avenue in Midtown Manhattan. The loan amount issued for this asset is $60,000,000, supporting both its operations and future plans.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $60,000,000
  • Address: 576 5th Avenue
  • Market: Midtown Manhattan
  • Lender: KEB Hana Bank USA
  • Landlord: Jae Young Kim

The key individuals involved in this transaction include Jae Young Kim, who serves as the landlord of the office asset, and KEB Hana Bank USA, which is the lender providing the financing for the property.

Players

KEB Hana Bank USA
KEB Hana Bank USALender

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

0.26%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93