FINANCED
First Republic Bank Provides $18M Refinance Loan For Office Building On West 38th Street, Penn Plaza
325 West 38Th Street
Office
110,000 SF
110,000 SF
Financed 1 year ago
Summary
Loan
NEW YORK
Office
110,000 sqft
A loan refinance transaction has taken place at 325 West 38th Street in Penn Plaza, with an office building spanning 110,000 square feet. The loan, worth $18,000,000, was provided by First Republic Bank. The landlord in this deal is Falcon Properties. The brokers involved in this transaction were Chris Okada of kadaCo, and Jonathan Bodner and Emanuel Westfried of Two Bins.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $18,000,000
- Address: 325 West 38th Street
- Market: Penn Plaza
- Asset Square Footage: 110,000
- Lender: First Republic Bank
- Landlord: Falcon Properties
- Brokers: Chris Okada - kadaCo, Jonathan Bodner & Emanuel Westfried - Two Bins
In addition to the loan refinance, Chris Okada reflects on the constantly changing nature of the real estate market. Over the years, his company has adapted to various phases and strategies, from commercial leasing to opportunistic debt buying to real estate acquisition. Okada emphasizes the importance of financial stability for their properties and expresses dedication to serving long-time friends, clients, and partners in their mortgage needs.
Players
All
5
Agents
3
Agencies
1
Lenders
1
Details
FINANCED
IMAGE: Chris Okada & Jonathan Bodner
DATE: 09/13/2021
ADDRESS: 325 West 38Th Street
MARKET: Penn Plaza
ASSET TYPE: Office ~ SF: 110,000
LENDER: First Republic Bank
LANDLORD: Falcon Properties
BROKERS: Chris Okada (@ChrisOkada) - @OkadaCo, Jonathan Bodner & Emanuel Westfried - Two Bins
LOAN AMOUNT: $18,000,000
LOAN TYPE: Refinance
NOTE FROM @OkadaCo: THE GAME IS ALWAYS CHANGING.. In 2006 the game was launch Okada & Co & do as many commercial leases as possible & survive the startup years. When we got into our groove, 2008 came along. In 2008-2010, the game was to convert all those landlord relationships to opportunistic buyers of distressed debt all a while keeping the leasing machine going. In 2011, realizing that I had a knack for finding deals, I began acquiring real estate all a while keeping the leasing machine going. In the red hot 2014 market, we launched our first residential condo project which sold 70% in the first 6 months.. by 2015 the condo market was over supplied & took us 2 years to sell the rest of the 30%... of course we were still leasing in the background. 2016 was the last time anything made any sense, & the acquisition game was put on hold... but the sales & leasing machine kept going. In 2020 the game changed again, & it was about making sure all our properties were financially stable AND going after new deals as it's been years since anything made sense AND absolutely crushing the leasing game. The game is constantly changing.. & this deal is a nugget of that. I don't do mortgages, but for our long time friends, clients, & partners... we will take care of it & you.View on map
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Address325 West 38Th Street
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