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Webster Bank Refinances $65M Loan For Forkosh Development Group's Gramercy Hotel

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FINANCED
$65,000,000

New York

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Hotel
Financed 03/23/2023
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Property Image
FINANCED

Webster Bank Refinances $65M Loan For Forkosh Development Group's Gramercy Hotel

125 Third Avenue, New York, NY 10003

See Similar Deals
Hotel
Financed 03/23/2023
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Summary

NEW YORK
Asset Type:Hotel
Transaction Type:Loan

The property involved in this transaction is a hotel located at 125 Third Avenue in Gramercy, Manhattan. The hotel consists of 91 keys, indicating the number of rooms available for guests. The loan for this transaction was provided by Webster Bank, with Anthony Viskovich serving as the representative from the bank. The loan amount for this refinancing deal was $65,000,000. The landlord of the property is Forkosh Development Group, led by Alex Forkosh.

Summary of transation details

  • Property Type: Hotel
  • Transaction Amount: $65,000,000
  • Address: 125 Third Avenue
  • Market: Gramercy, Manhattan
  • Keys: 91
  • Lender: Webster Bank - Anthony Viskovich
  • Landlord: Forkosh Development Group - Alex Forkosh

In this transaction, Alex Forkosh, representing Forkosh Development Group, acted as the landlord for the hotel property. Anthony Viskovich, representing Webster Bank, facilitated the loan to refinance the property.

Details

FINANCED
IMAGE: 03/23/2023 ADDRESS: 125 Third Avenue MARKET: Gramercy, Manhattan ASSET TYPE: Hotel ~ KEYS: 91 LENDER: Webster Bank - Anthony Viskovich LANDLORD: Forkosh Development Group - Alex Forkosh LOAN AMOUNT: $65,000,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$65,000,000.00

Monthly NOI$433,333.33
Monthly Debt Service$410,844.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00