Masterworks Development Secures $75M Refinance Loan From Bank Of China For Manhattan Hotel
130 Cedar Street
$75,000,000
$413/SF
Building Size
181,297 SF
Asset Type
Hotel
Closing
Feb 14, 2025
About this deal
AI
The asset involved in this transaction is a hotel located at 130 Cedar Street in the Financial District of Manhattan. The property spans a total of 181,297 square feet and has been refinanced with a loan amount of $75,000,000, reduced from a previous loan of $100,000,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $75,000,000
- Lender: Bank of China
- Landlord: William Lovejoy - Masterworks Development
- Loan Type: Refinance
The refinancing transaction was facilitated by William Lovejoy, who represents Masterworks Development, successfully securing a new loan from Bank of China to improve the financial standing of the hotel asset.
On the Map
$75,000,000
$413/SF
Hotel
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Players
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Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93