Updated Dec 4, 2024
MSD Capital Provides $54.4M Loan For Lower East Side Hotel Development
145-147 Bowery, Manhattan, New York, NY, USA
$54,390,000
$428/SF
Building Size
127,081 SF
Asset Type
Development Site
Closing
Jun 2, 2021
About this deal
AI
Located at 145-147 Bowery in the Lower East Side, this development site is a prime investment opportunity. The property is a hotel development site with a buildable square footage (BSF) of 127,081. The transaction took place on June 3, 2021.
Summary of transaction details
- Property Type: Development Site (Hotel)
- Transaction Amount: $54,390,000
- Market: Lower East Side
- Lender: MSD Capital
- Landlord: Lightstone Group
The loan for this transaction was provided by MSD Capital. The landlord in this deal is the Lightstone Group.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93