Flag Luxury Group Secures $200M Refinance Loan For NoMad Hotel
1185 Broadway, New York City, New York 10001, United States
$200,000,000
Building Size
—
Asset Type
Hotel
Closing
Feb 9, 2022
AI
Flag Luxury Group, led by Paul Kanavos, has secured a $200 million refinance loan for their hotel properties at 1185 Broadway and 29 West 28th Street in the NoMad neighborhood of Manhattan. The hotel, consisting of 250 keys, is a notable asset in the area.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $200,000,000
- Address: 1185 Broadway & 29 West 28th Street
- Market: NoMad
- Key Count: 250
The loan was provided by Bank OZK, with George Gleason representing the lender. Flag Luxury Group, led by Paul Kanavos, serves as the landlord for the hotel properties. This refinancing deal showcases the continued investment in the NoMad area and highlights the confidence in the success of the hotel in the market.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93