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Masterworks Development Secures $75M Refinance Loan From Bank Of China For Manhattan Hotel
FINANCED
$75,000,000
New York
See Similar DealsHotel181,297 SF
Financed 02/14/2025
FINANCED
Masterworks Development Secures $75M Refinance Loan From Bank Of China For Manhattan Hotel
130 Cedar Street
See Similar DealsHotel181,297 SF
Financed 02/14/2025
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$413
Total Square Footage:181,297 SF
Transaction Type:Loan
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.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$75,000,000.00
Monthly NOI$500,000.00
Monthly Debt Service$474,051.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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