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Rester Management Secures $19.6 Million Construction Loan From CIBC For Hotel Development In Harlem
FINANCED
$19,600,000
New York
See Similar DealsDevelopment Site
Financed 11/25/2025
FINANCED
Rester Management Secures $19.6 Million Construction Loan From CIBC For Hotel Development In Harlem
18 West 116th Street
See Similar DealsDevelopment Site
Financed 11/25/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$19,600,000.00
Monthly NOI$130,666.67
Monthly Debt Service$123,885.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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