Solil Management Secures $18M Refinancing Loan For Office Building On Madison Avenue
598 Madison Avenue New York, New York 10022, USA
$18,000,000
$234/SF
Building Size
76,656 SF
Asset Type
Office
Closing
May 24, 2023
AI
Solil Management secured a refinancing loan valued at $18 million from State Farm Realty Mortgage, represented by State Farm Realty Mortgage, L.L.C., for the office building located at 598 Madison Avenue in Midtown East, Manhattan. The property is an office space spanning 76,656 square feet.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $18,000,000
- Address: 598 Madison Avenue, Midtown East, Manhattan
- Lender: State Farm Realty Mortgage - Matthe D. Melick & Christiane M. Stoffer
- Landlord: Solil Management - Jane H. Goldman
State Farm Realty Mortgage, represented by Matthe D. Melick and Christiane M. Stoffer, provided the refinancing loan to Solil Management for the office building at 598 Madison Avenue. Solil Management, led by Jane H. Goldman, successfully secured the $18 million loan.
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
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93