Matthew Buggenhagen Of Bank United Provides $10M Refinance Loan For Midtown Manhattan Office Building
$10,000,000
Building Size
—
Asset Type
Office
Closing
Jun 9, 2025
About this deal
AI
The asset involved in this transaction is an office building located in the Diamond District of Midtown Manhattan. The building is currently mid-construction and subject to a refinance loan arrangement.
Summary of transaction details:
- Property Type: Office Building
- Transaction Amount: $10,000,000
- Loan Type: Refinance
- Loan Terms: 5 Years
- Interest Rate: 6.24%
- Lender: Matthew Buggenhagen - Bank United
- Brokers: Judah Hammer, Shlomo Weissberg & Shamir Seidman - CBRE
The transaction involved a collaborative effort where the brokers assisted the sponsor in a challenging assignment to finance the office building within a tight deadline of 45 days. The brokers worked with their long-standing banking relationships to successfully close the deal in the specified timeframe.
Players
Market 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
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93