Masterworks Development Secures $75M Refinance Loan From Bank Of China For Manhattan Hotel

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.