Deutsche Bank Provides $42M Loan For Office Building At 420 Fifth Ave
420 5th Ave, New York, NY 10018, USA & 420 5th Ave, New York, NY 10018, USA
Building Size
28,638 SF
Asset Type
Office
Closing
Jun 7, 2018
About this deal
AI
420 Fifth Ave, a prominent office building located in New York, was involved in a recent transaction. The property, owned by @WitkoffCo, secured a loan of $42,000,000 from Deutsche Bank. This loan will provide financial support for the development and operations of the office asset.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $42,000,000
The deal was facilitated by a team of brokers from JLL NY Capital Markets, including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jackson Sastri, and Michael Ianno. Their expertise and negotiation skills played a crucial role in successfully securing the loan for the property.
This transaction highlights the strong collaboration between the property owner, @WitkoffCo, and Deutsche Bank. The loan will contribute to the continued growth and success of the office asset, further enhancing its value and market position in New York City.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93