Meridian Capital Group Refinances New York Hotel For $44.5M
59 W. 46th Street / 56-60 W. 47th Street
$44,500,000
$442/SF
Building Size
100,678 SF
Asset Type
Hotel
Closing
Feb 28, 2023
AI
The recently closed transaction involved a hotel property located at 59 W. 46th Street & 56-60 W. 47th Street in New York. The hotel spans an area of approximately 100,678 square feet. The transaction was facilitated by Morris Betesh, Justin Boruchov, and Morris Dabbah of Meridian Capital Group.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $44,500,000
- Loan Type: Refinance
The deal was financed through a refinancing loan of $44,500,000. The loan allowed the property owner to restructure their existing debt.
Players
Market Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93