Loan amount
$320,000,000
Loan type
Refinance
{No Cash-Out}
As-Is Property Value
$500,000,000
LTV
64%
{LTV}
Property type
Other Commercial
Borrower Details
Credit score
830
Deal experience
30 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Madison
State
New York
Loan Details
Current mortgage balance
$320,000,000
Additional Loan Information
THE OPPORTUNITY
Request: $365M Loan refinance: $215 Million Mezzanine Note & $150 Million Senior Term Loan (Second Out)
LTV (Combined Senior & Mezz) of: ~57%
Value: $638M Appraised Valuation (Appraised in December 2023)
Combined 2023 : Revenue/NOI: Revenue: ~$46,600,000 & NOI: ~$22,300,000
Term: Up to 36-month term for Mezzanine Note Up to 48 months from the date of closing for Senior
Expected Interest Rate: SOFR + 9.50% for the Mezzanine Note & SOFR + 6.00% for Senior
Use of Funds: Debt Refinance Payoff, Financing Costs, & Tenant Relocation Cost
Industry: Office & Residential
Location: New York
Guarantees: Cross Corporate Payment guarantee from sponsor
A very well-established real estate development firm that has owned, developed, built, and managed millions of real estate. The company generates revenue through leasing, property sales, hotel operations, and asset management, using real estate brokers for leasing and selling residential units.
The company is currently seeking $365 million in financing for debt refinance & old debt retirement, financing costs, and tenant relocation expenses. The tenant relocation expenses refer to the commercial tenants. The current requested loan will be paid off through sales when the 2 specific events occur.
Request: $365M Loan refinance: $215 Million Mezzanine Note & $150 Million Senior Term Loan (Second Out)
LTV (Combined Senior & Mezz) of: ~57%
Value: $638M Appraised Valuation (Appraised in December 2023)
Combined 2023 : Revenue/NOI: Revenue: ~$46,600,000 & NOI: ~$22,300,000
Term: Up to 36-month term for Mezzanine Note Up to 48 months from the date of closing for Senior
Expected Interest Rate: SOFR + 9.50% for the Mezzanine Note & SOFR + 6.00% for Senior
Use of Funds: Debt Refinance Payoff, Financing Costs, & Tenant Relocation Cost
Industry: Office & Residential
Location: New York
Guarantees: Cross Corporate Payment guarantee from sponsor
A very well-established real estate development firm that has owned, developed, built, and managed millions of real estate. The company generates revenue through leasing, property sales, hotel operations, and asset management, using real estate brokers for leasing and selling residential units.
The company is currently seeking $365 million in financing for debt refinance & old debt retirement, financing costs, and tenant relocation expenses. The tenant relocation expenses refer to the commercial tenants. The current requested loan will be paid off through sales when the 2 specific events occur.
Status
Open
Created
April 11, 2024 - 5:24am
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