Updated Dec 4, 2025
Rester Management Secures $19.6 Million Construction Loan From CIBC For Hotel Development In Harlem
18 West 116th Street
$19,600,000
Building Size
—
Asset Type
Development Site
Closing
Nov 25, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 18 West 116th Street in Harlem, Manhattan. Rester Management has secured a construction loan amounting to $19,600,000 from the Canadian Imperial Bank of Commerce to develop a 46-room hotel at this address.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $19,600,000
- Lender: Canadian Imperial Bank of Commerce
- Landlord: Rester Management
- Loan Type: Construction
The key individuals and companies involved in this deal include Rester Management, which is responsible for the development of the hotel project, while the financing is provided by Canadian Imperial Bank of Commerce, indicating a collaborative effort between the developer and the lender to bring this project to fruition.
On the Map
$19,600,000
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.81%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93