Bank Of America Provides $98M Acquisition Loan For Retail Property In Times Square
1600 Broadway, New York City, New York 10019, United States
$98,000,000
$612/SF
Building Size
160,008 SF
Asset Type
Retail
Closing
Feb 23, 2022
About this deal
AI
Paramount Group, a leading real estate investment and management firm, has secured a $98 million acquisition loan from Bank of America for the retail property located at 1600 Broadway in Times Square. The loan will facilitate Paramount Group's purchase of this prime retail asset.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $98,000,000
- Address: 1600 Broadway, Times Square
- Lender: Bank of America
- Landlord: Paramount Group
- Brokers: Adam Spies, Gideon Gil, Lauren Kaufman & Zachary Kraft - Cushman & Wakefield
Cushman & Wakefield, represented by brokers Adam Spies, Gideon Gil, Lauren Kaufman, and Zachary Kraft, played a pivotal role in the transaction as the exclusive representatives. They facilitated the deal between Paramount Group and Bank of America, ensuring a successful acquisition loan arrangement for the retail property at 1600 Broadway.
Players
New York Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
Loading comparables…
Deal FAQ
Visit Zachary (Zach) Kraft to view all their deals.
Browse New York retail loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93