Webster Bank Refinances $65M Loan For Forkosh Development Group's Gramercy Hotel
125 Third Avenue, New York, NY 10003
$65,000,000
Building Size
—
Asset Type
Hotel
Closing
Mar 23, 2023
AI
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.
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
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93