Midtown West Hotel LLC Secures $27.5M Refinance Loan From Cathay Bank For Fairfield Inn & Suites
114 116 East 28th Street
$27,500,000
Building Size
—
Asset Type
Hotel
Closing
May 13, 2025
About this deal
AI
The property involved in this transaction is the Fairfield Inn & Suites located at 114-116 East 28th Street in Chelsea, Manhattan. This hotel asset is part of the real estate market within the Chelsea area and has undergone refinancing for a substantial amount.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $27,500,000
- Lender: Cathay Bank
- Landlord: Hiuian Cheng, Bun Bun Cheng & Siu Ki Cheng - Midtown West Hotel LLC
- Loan Type: Refinance
- Loan Date: 05/13/2025
The deal features key individuals and companies including Hiuian Cheng, Bun Bun Cheng, and Siu Ki Cheng, who are part of Midtown West Hotel LLC. This group led the refinancing effort for the hotel, working with Cathay Bank to secure the loan for the property.
On the Map
$27,500,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.58%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93