Synergy Hospitality Management Secures $64.5 Million Refinance Loan For East Elmhurst Hotel
104-04 Ditmars Boulevard
$64,500,000
$182/SF
Building Size
354,254 SF
Asset Type
Hotel
Closing
Dec 21, 2023
About this deal
AI
The hotel building located at 104-04 Ditmars Boulevard in East Elmhurst, Queens has recently undergone a refinance transaction. The borrower, Laguardia Associates, L.P., operating through Synergy Hospitality Management, secured a $64.5 million refinance loan from lender Bsafal Inc., through the entity Ba Lga Plaza Lender LLC.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $64,500,000
- Square Footage: 354,254
- Address: 104-04 Ditmars Boulevard, East Elmhurst, Queens
- Market: East Elmhurst, Queens
The borrower, Synergy Hospitality Management, represented by Laguardia Associates, L.P., sought financial support to refinance the hotel building. Ameesh Agarwal from Bsafal Inc. facilitated the loan as the lender for this transaction.
On the Map
$64,500,000
$182/SF
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93