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MSD Partners & Lionheart Strategic Management Provide $130M Loan For Hotel Development At 145 Bowery On Lower East Side

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FINANCED
$130,000,000
Benjamin (Ben) Nevid
Drew Anderman

New York

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Development Site127,000 SF
Financed 06/03/2020
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Property Image
FINANCED

MSD Partners & Lionheart Strategic Management Provide $130M Loan For Hotel Development At 145 Bowery On Lower East Side

145 Bowery, New York, NY 10002

See Similar Deals
Development Site127,000 SF
Financed 06/03/2020
Benjamin (Ben) Nevid
Drew Anderman
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,023
Total Square Footage:127,000 SF
Transaction Type:Loan

An undisclosed lender, MSD Partners & Lionheart Strategic Management, provided a loan of $130,000,000 for the development of a hotel at 145 Bowery, located in the Lower East Side market. The hotel will have a total of 303 keys, with a square footage of 127,000. The loan transaction took place on June 3, 2021.

Summary of transaction details:

  • Property Type: Hotel Development
  • Transaction Amount: $130,000,000
  • Address: 145 Bowery
  • Market: Lower East Side
  • Keys: 303
  • Square Footage: 127,000

The loan was provided by MSD Partners & Lionheart Strategic Management to support the development of the hotel at 145 Bowery. The property is owned by Lightstone Group and will be operated by Tao Group. The deal was facilitated by brokers Drew Anderman and Benjamin Nevid from Meridian Capital Group.

Players

Drew Anderman
CBRE
Drew Anderman
39 deals$5.2B volume
BROKER
Benjamin (Ben) Nevid
Meridian Capital Group
Benjamin Nevid
24 deals$2.4B volume
BROKER
Lionheart Strategic Management
Lionheart Strategic Management
LENDER
MSD Partners
MSD Partners
LENDER
Lightstone Group
Lightstone Group
LENDER
Lightstone Group
Lightstone Group
LANDLORD

Details

FINANCED
IMAGE: Winston Fisher (@WinstonFisher1), @JasonStrauss, David Lichtenstein, @MichaelDell, Mitchell Hochberg, @NoahTepperberg DATE: 06/03/2021 ADDRESS: 145 Bowery (@MoxyHotels) MARKET: Lower East Side ASSET TYPE: Hotel Development 🏨 🏗 KEYS: 303 ~ SF: 127,000 LENDER: MSD Partners & Lionheart Strategic Management LANDLORD: @LightstoneGroup F&B OPERATOR: @TaoGroup BROKERS: Drew Anderman & Benjamin Nevid - Meridian Capital Group LOAN AMOUNT: $130,000,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$130,000,000.00

Monthly NOI$866,666.67
Monthly Debt Service$821,688.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00