Extell Development Secures $425M Construction Loan For Life Sciences Property On Upper East Side
1520 1st Avenue, New York City, New York 10075, United States
$425,000,000
$1,011/SF
Building Size
420,000 SF
Asset Type
Other
Closing
Oct 26, 2022
About this deal
AI
The property involved in this closed transaction is a Life Sciences asset located at 1520 1st Avenue in the Upper East Side market. The property spans approximately 420,000 square feet and is owned by Extell Development, represented by Gary Barnett.
Summary of transaction details
- Property Type: Life Sciences
- Transaction Amount: $425,000,000
- Lender: rexmark''>Rexmark, InterVest Capital Partners, Pacific Western Bank & Harbor Group International
- Loan Type: Construction
- Landlord: Extell Development - Gary Barnett
- Date: 10/27/2022
The lenders involved in this transaction include Rexmark, InterVest Capital Partners, Pacific Western Bank, and Harbor Group International. The loan amount for this construction project is $425,000,000.
On the Map
$425,000,000
$1,011/SF
Other
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93