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Gardner Tanenbaum Secures $63M Loan For Oklahoma City Office Conversion

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FINANCED
$63,000,000
Sunny Sajnani

Oklahoma

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Office
Financed 10/13/2023
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Property Image
FINANCED

Gardner Tanenbaum Secures $63M Loan For Oklahoma City Office Conversion

101 North Broadway Avenue & 100 Park Avenue

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Office
Financed 10/13/2023
Sunny Sajnani
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Summary

OKLAHOMA
Asset Type:Office
Transaction Type:Loan

Gardner Tanenbaum has secured a $63 million refinancing loan for the conversion of two historic office buildings in Oklahoma City into 265 multifamily units. The property, located at 101 North Broadway Avenue and 100 Park Avenue, is an office asset in the market of Oklahoma City, OK. Richard Tanenbaum, the landlord of the property, is associated with Gardner Tanenbaum. The brokers representing the deal are Sunny Sajnani and Todd McNeill from IPA Capital Markets.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $63,000,000
  • Address: 101 North Broadway Avenue & 100 Park Avenue
  • Market: Oklahoma City, OK
  • Landlord: Richard Tanenbaum - Gardner Tanenbaum
  • Brokers: Sunny Sajnani & Todd McNeill - IPA Capital Markets

This financing deal is led by Gardner Tanenbaum and involves the conversion of the two historic office buildings into 265 multifamily units. The loan amount of $63 million will support the transformation of the property. Richard Tanenbaum, the landlord, is associated with Gardner Tanenbaum, while Sunny Sajnani and Todd McNeill from IPA Capital Markets serve as the brokers for the transaction.

Players

Sunny Sajnani
9 deals$452.6M volume
BROKER

Todd McNeill
Marcus & Millichap
5 deals$298.7M volume
BROKER


3 deals$135.8M volume
LANDLORD

Details

FINANCED
IMAGE: Richard Tanenbaum, Sunny Sajnani & Todd McNeill DATE: 10/13/2023 ADDRESS: 101 North Broadway Avenue & 100 Park Avenue MARKET: Oklahoma City, OK ASSET TYPE: Office LANDLORD: Richard Tanenbaum - Gardner Tanenbaum BROKERS: Sunny Sajnani & Todd McNeill - IPA Capital Markets LOAN AMOUNT: $63,000,000 LOAN TYPE: Refinance NOTE: Gardner Tanenbaum has secured a $63 million refinancing loan for the conversion of two historic office buildings in Oklahoma City into 265 multifamily units.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$63,000,000.00

Monthly NOI$420,000.00
Monthly Debt Service$398,202.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00