Frank Ng Refinances 132 West 28th Street Hotel In Chelsea With $65M Loan From Cathay Bank

The property asset involved in this transaction is a hotel located at 132 West 28th Street in Chelsea, Manhattan. The hotel encompasses a total square footage of 105,328. It has undergone a refinancing transaction with a loan amount of $65,000,000 from Cathay Bank, which replaces the prior debt from Shanghai Commercial Bank.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $65,000,000
• Address: 132 West 28th Street
• Market: Chelsea, Manhattan
• Lender: Cathay Bank
• Landlord: Frank Ng
• Loan Type: Refinance

The refinancing was carried out by Frank Ng’s 28th Street Properties LLC, which is the entity managing the hotel during this transaction. The transition reflects a strategic financial decision in the management of the hotel’s debt obligations.