MSD Capital Provides $54.4M Loan For Lower East Side Hotel Development
FINANCED
$54,390,000
New York
See Similar DealsDevelopment Site127,081 SF
Financed 06/03/2021
FINANCED
MSD Capital Provides $54.4M Loan For Lower East Side Hotel Development
145-147 Bowery, Manhattan, New York, NY, USA
See Similar DealsDevelopment Site127,081 SF
Financed 06/03/2021
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$428
Total Square Footage:127,081 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$54,390,000.00
Monthly NOI$362,600.00
Monthly Debt Service$343,781.80
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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