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Ohana Real Estate Investors And Ellington Management Group Provide $104.9M Loan For NoMad Hotel/Mixed-use Property

Property Image
FINANCED
$104,999,000

New York

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Hotel112,608 SF
Financed 12/03/2020
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Property Image
FINANCED

Ohana Real Estate Investors And Ellington Management Group Provide $104.9M Loan For NoMad Hotel/Mixed-use Property

1170 Broadway, Manhattan, New York, NY, USA

See Similar Deals
Hotel112,608 SF
Financed 12/03/2020
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Hotel
Price Per Square Foot:$932
Total Square Footage:112,608 SF
Transaction Type:Loan

The property involved in this closed transaction is a Hotel/Mixed-use located at 1170 Broadway & 10 West 28th Street in the NoMad market. The loan for this property was provided by Ohana Real Estate Investors, represented by Pierre Omidyar and Ellington Management Group. The landlords of this property are Yucaipa Cos. and Sydell Group. The loan amount for this transaction was $104,999,000.

Summary of Transaction Details

  • Property Type: Hotel/Mixed-use
  • Transaction Amount: $104,999,000
  • Lender: Ohana Real Estate Investors - Pierre Omidyar & Ellington Management Group
  • Landlord: Yucaipa Cos. & Sydell Group

Pierre Omidyar, the co-founder of eBay, served as the chairman of the company from 1998 to 2005. Forbes estimates his current net worth at $19.4 billion. Notably, Omidyar's Ohana Real Estate Investors previously sold the Montage Beverly Hills for $415 million in December 2019.

Players

Prospect Ridge
Prospect Ridge
LENDER
Ohana Real Estate Investors
Ohana Real Estate Investors
LENDER
YC
Yucaipa Cos.
LANDLORD

Details

FINANCED
IMAGE: Pierre Omidyar DATE: 12/03/2020 ADDRESS: 1170 Broadway & 10 West 28th Street MARKET: NoMad ASSET TYPE: Hotel/Mixed-use LENDER: Ohana Real Estate Investors - Pierre Omidyar & Ellington Management Group LANDLORD: Yucaipa Cos. & Sydell Group LOAN AMOUNT: $104,999,000 FUN FACT: Pierre Omidyar is the founder of @Ebay where he served as chairman from 1998 to 2005. Forbes estimates his current net worth at $19.4B. Omidyar’s Ohana RE Investors sold the Montage Beverly Hills for $415M ($2.1M~/Key 👀) in December 2019.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$104,999,000.00

Monthly NOI$699,993.33
Monthly Debt Service$663,665.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00