Bank Of America Provides $212.1M Acquisition Loan For Office Building In Chelsea
FINANCED
$212,089,000
New York
See Similar DealsOffice226,536 SF
Financed 09/29/2021
FINANCED
Bank Of America Provides $212.1M Acquisition Loan For Office Building In Chelsea
641 6th Avenue, Manhattan, New York, NY, USA
See Similar DealsOffice226,536 SF
Financed 09/29/2021
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$936
Total Square Footage:226,536 SF
Transaction Type:Loan
The office building located at 635 & 641 Sixth Avenue in Chelsea has been involved in a recent loan transaction. The property spans a total of 226,536 square feet.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $212,089,000
- Market: Chelsea
- Lender: Bank of America
- Landlord: John Grassi - Spear Street Capital
- Loan Type: Acquisition
The loan for this property was provided by Bank of America. The landlord of the property is John Grassi, who represents Spear Street Capital.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$212,089,000.00
Monthly NOI$1,413,926.67
Monthly Debt Service$1,340,546.75
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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