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Maddd Equities Refinances Special Purpose Building On East 59th Street For $42.5M
FINANCED
$42,500,000
New York
See Similar DealsSpecial Purpose64,360 SF
Financed 06/29/2023
FINANCED
Maddd Equities Refinances Special Purpose Building On East 59th Street For $42.5M
405 East 59th Street
See Similar DealsSpecial Purpose64,360 SF
Financed 06/29/2023
Summary
NEW YORK
Asset Type:Special Purpose
Price Per Square Foot:$660
Total Square Footage:64,360 SF
Transaction Type:Loan
Maddd Equities has secured a refinance loan valued at $42.5 million from Lakeland Bank for the specialty building located at 405 East 59th Street in Lenox Hill, Manhattan. The property is a special purpose asset with a total square footage of 64,360.
Summary of transaction details
- Property Type: Special Purpose
- Transaction Amount: $42,500,000
- Address: 405 East 59th Street
- Market: Lenox Hill, Manhattan
- Lender: Lakeland Bank - Robert Surovich
- Landlord: Maddd Equities - Jorge Madruga
The refinance loan provided by Lakeland Bank ensures Maddd Equities can continue to operate and invest in the specialty building at 405 East 59th Street. This transaction highlights the collaboration between Maddd Equities and Lakeland Bank, demonstrating their confidence in the property's potential.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$42,500,000.00
Monthly NOI$283,333.33
Monthly Debt Service$268,628.91
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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