Flag Luxury Group Secures $250M Construction Financing For NoMad Hotel/Dev Site
FINANCED
$250,000,000
New York
See Similar DealsDevelopment Site164,400 SF
Financed 07/20/2018
FINANCED
Flag Luxury Group Secures $250M Construction Financing For NoMad Hotel/Dev Site
1185 Broadway, New York, NY 10001, USA
See Similar DealsDevelopment Site164,400 SF
Financed 07/20/2018
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,520
Total Square Footage:164,400 SF
Transaction Type:Loan
The property involved in the transaction is located at 1185 Broadway and 29 West 28th Street in the NoMad neighborhood of New York City. The property is a hotel and development site with a total square footage of 164,400. The deal type for this transaction is construction financing, and the loan amount is $250,000,000.
Summary of transaction details:
- Property Type: Hotel / Dev Site
- Transaction Amount: $250,000,000
- Square Footage: 164,400
- Market: NoMad
- City: New York City
Atalaya Capital’s Capital Source serves as the lender for this transaction. The landlord and developer involved in the deal is Paul Kanavos' Flag Luxury Group.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$250,000,000.00
Monthly NOI$1,666,666.67
Monthly Debt Service$1,580,170.06
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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