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Citibank Provides $56 Million Refinance Loan For Albert Laboz's Office At 71 Spring Street
FINANCED
$56,000,000
New York
See Similar DealsOffice56,340 SF
Financed 06/10/2025
FINANCED
Citibank Provides $56 Million Refinance Loan For Albert Laboz's Office At 71 Spring Street
71 Spring Street
See Similar DealsOffice56,340 SF
Financed 06/10/2025
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$994
Total Square Footage:56,340 SF
Transaction Type:Loan
The property asset involved is a 56,340-square-foot office building located at 71 Spring Street in the SoHo market of Manhattan. The transaction features a loan amount of $56,000,000 through a refinance arrangement. This transaction replaces a prior loan of $36,000,000 from JPMorgan Chase.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $56,000,000
- Lender: Citibank
- Landlord: Albert Laboz - United American Land
The deal is notably supported by Citi Real Estate Funding, which facilitated the refinancing process. Albert Laboz is identified as the landlord associated with the asset, representing United American Land in this financial transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$56,000,000.00
Monthly NOI$373,333.33
Monthly Debt Service$353,958.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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