Normandy Real Estate Partners And Apollo Commercial Real Estate Finance Acquire Construction Loan For 12-Story Glass Office In Greenwich Village
799 Broadway, New York, NY 10003, USA
$187,000,000
$1,026/SF
Building Size
182,187 SF
Asset Type
Office
Closing
Oct 3, 2018
About this deal
AI
Apollo Global’s Leon Black, Jordy Roeschlaub, Normandy’s Finn Wentworth, Dustin Stolly, and Columbia Property Trust’s Nelson Mills have closed on a construction loan for the development of a 180,000 square foot, 12-story glass office building located at 799 Broadway in Greenwich Village, Manhattan, New York. The property is owned and developed by Normandy Real Estate Partners and Columbia Property Trust. The construction loan was provided by Apollo Commercial Real Estate Finance.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 799 Broadway, Greenwich Village, Manhattan, New York
- Market: Greenwich Village, Manhattan, New York
- Loan Type: Construction Loan
- Plans: 180,000 square foot glass office building, 12 stories
- Lender: Apollo Commercial Real Estate Finance
- Landlord/Developer: Normandy Real Estate Partners and Columbia Property Trust
The key individuals involved in the deal include Leon Black and Jordy Roeschlaub from Apollo Global, Finn Wentworth from Normandy Real Estate Partners, Dustin Stolly from Columbia Property Trust, and Nelson Mills from Columbia Property Trust. These individuals played a crucial role in securing the construction loan for the development of the office building at 799 Broadway in Greenwich Village, Manhattan, New York.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93