Wells Fargo Provides $40 Million Refinance Loan For Office In Midtown Manhattan
$40,000,000
$291/SF
Building Size
137,199 SF
Asset Type
Office
Closing
Nov 27, 2024
AI
The transaction involves a refinance loan on an office asset located in Midtown Manhattan, encompassing a total square footage of 137,199. The loan amount secured for this property is $40,000,000, provided by Wells Fargo.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $40,000,000
- Loan Type: Refinance
- Lender: Wells Fargo
- Broker: David Hayum - Meridian Capital Group
David Hayum, representing Meridian Capital Group, played a pivotal role in facilitating this refinance loan, ensuring the transaction progressed smoothly in the Midtown Manhattan market.
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
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93