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First Republic Bank Provides $45M Construction Loan For Upper West Side Development Site At 15-19 West 96th Street

15-19 West 96th Street
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This Development Site property located in NY received a loan of $45,000,000 over 2 years ago. The brokers of the deal were Garrett Sokoloff, Jeff Weinberg, and David Ostrov

A development site located at 15-19 West 96th Street in the Upper West Side of New York City has recently secured a construction loan. The property, with a buildable square footage (BSF) of 60,334, is owned by Sackman Enterprises.

Summary of transation details

  • Property Type: Development Site
  • Transaction Date: 09/28/2021
  • Address: 15-19 West 96th Street
  • Market: Upper West Side
  • BSF: 60,334

The lender for this project is First Republic Bank, providing a construction loan of $45,000,000. The loan terms include a 3-year term with a variable interest rate, set at 125 basis points over the Prime rate.

Meridian Capital Group represented the parties involved in the deal. The brokers, Simon Rosenfeld, David Ostrov, Jeff Weinberg, and Garrett Sokoloff, facilitated the transaction on behalf of their clients.

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Deals
  • Location
    15-19 West 96th Street, Manhattan, New York, NY, USA15-19 West 96th Street, Manhattan, New York, NY, USA
  • Loan Value
    $45,000,000$45,000,000
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    3 Brokers, 1 Agency, 1 Lender3 Brokers, 1 Agency, 1 Lender

Agents

Garrett Sokoloff

Garrett Sokoloff

Deals1
Financed$45M

Agency

Meridian Capital Group

Meridian Capital Group

Agency
Deals2414
Volume$65.9B

First Republic Bank

First Republic Bank

Lender
Deals38
Volume$ 64B

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Deal Summary

LOAN IMAGE: Simon Rosenfeld, Garrett Sokoloff, David Ostrov & Jeff Weinberg DATE: 09/28/2021 ADDRESS: 15-19 West 96th Street MARKET: Upper West Side ASSET TYPE: Development Site ~ BSF: 60,334 LENDER: First Republic Bank LANDLORD: Sackman Enterprises BROKERS: Simon Rosenfeld (@SimonRosenfeldNYC), David Ostrov, Jeff Weinberg & Garrett Sokoloff - Meridian Capital Group LOAN AMOUNT: $45,000,000 LOAN TYPE: Construction Loan LOAN TERMS: $45,000,000 at a variable interest rate (125bps over Prime) with a 3-year term

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15-19 West 96th Street

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