Rester Management Secures $19.6 Million Construction Loan From CIBC For Hotel Development In Harlem

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.