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Ric Clark's Brookfield Secures $1.42B Loan For Hudson Yards Development Site

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FINANCED
$479,000,000

New York

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Other500 SF
Financed 12/02/2019
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Property Image
FINANCED

Ric Clark's Brookfield Secures $1.42B Loan For Hudson Yards Development Site

435 W 31st St, New York, NY 10001, USA

See Similar Deals
Other500 SF
Financed 12/02/2019
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Other
Price Per Square Foot:$958,000
Total Square Footage:500 SF
Transaction Type:Loan

A development site located at 2 Manhattan West in Hudson Yards has been involved in a closed property transaction. The property, owned by Brookfield and represented by Ric Clark, has secured a loan amount of $1,419,000,000. The lender for this transaction is Wells Fargo in collaboration with the NYC Industrial Development Agency.

Summary of transaction details:

  • Property Type: Development site
  • Transaction Amount: $1,419,000,000
  • ADDRESS: 2 Manhattan West
  • MARKET: Hudson Yards
  • LANDLORD: Brookfield - Ric Clark
  • LENDER: Wells Fargo & NYC Industrial Development Agency

This transaction highlights the collaboration between Brookfield and Ric Clark as the owners and representatives of the development site at 2 Manhattan West, and the lenders, Wells Fargo and the NYC Industrial Development Agency. The loan amount secured for this property emphasizes the potential and significance of this development site in Hudson Yards.

Players

Brookfield Properties
Brookfield Properties
BROKERAGE
Bank of China
Bank of China
LENDER
Wells Fargo
Wells Fargo
LENDER

Details

FINANCED
IMAGE: Ric Clark DATE: 02/07/2020 ADDRESS: 2 Manhattan West MARKET: Hudson Yards ASSET TYPE: Development site LENDER: @WellsFargo & NYC Industrial Development Agency LANDLORD: Brookfield – Ric Clark LOAN AMOUNT: $1,419,000,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$479,000,000.00

Monthly NOI$3,193,333.33
Monthly Debt Service$3,027,605.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00