Updated Oct 29, 2024
Maddd Equities Refinances Special Purpose Building On East 59th Street For $42.5M
405 East 59th Street
$42,500,000
$660/SF
Building Size
64,360 SF
Asset Type
Special Purpose
Closing
Jun 29, 2023
About this deal
AI
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.
On the Map
$42,500,000
$660/SF
Special Purpose
View full map
Players
New York Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Loan transactions
Loading comparables…
Deal FAQ
Visit Jorge Madruga to view all their deals.
Browse New York special purpose loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93