Amalgamated Bank Refinances Hotel In Greenpoint For $14M
1109 Manhattan Avenue, Brooklyn, New York 11222, United States
$14,000,000
$390/SF
Building Size
35,825 SF
Asset Type
Hotel
Closing
Aug 9, 2022
About this deal
AI
The property involved in this closed transaction is a Hotel located at 1109 Manhattan Avenue in Greenpoint. The hotel has a total square footage of 35,825. The transaction took place on 08/10/2022.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $14,000,000
- Market: Greenpoint
- Lender: Amalgamated Bank
- Landlord: Sela Group
- Loan Type: Refinance
The lender in this transaction was Amalgamated Bank, providing a loan amount of $14,000,000 for the refinance. The landlord is the Sela Group.
The hotel loan at 1109 Manhattan Avenue, Brooklyn, New York 11222, United States in New York, New York financed for $14M in 2022. The building is 35,825 square feet, implying about 390 per square foot on the published price. This page is the New York, New York file for the 1109 Manhattan Avenue, Brooklyn, New York 11222, United States hotel financed: pricing, party profiles, and other closed hotel comps from the same New York sit in the Market section below. Filter that New York hotel set by closing date to see what else financed near 1109 Manhattan Avenue, Brooklyn, New York 11222, United States around 2022. Published consideration for 1109 Manhattan Avenue, Brooklyn, New York 11222, United States is $14M, dated 2022. Cite this Amalgamated Bank Refinances Hotel In Greenpoint For $14M loan when underwriting similar hotel product around New York, New York.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93