Queensgate Investments Modifies $147.2M Loan For Kips Bay Hotel
135 East 23rd Street
$147,200,000
$901/SF
Building Size
163,311 SF
Asset Type
Hotel
Closing
Nov 6, 2023
About this deal
AI
A 26-unit hotel building located at 135 East 23rd Street in Kips Bay, Manhattan has undergone a loan modification agreement. Queensgate Investments, represented by 23 Lexington Associates LLC, has secured a $147.2 million loan from Trimont, a loan servicer.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $147,200,000
- Market: Kips Bay, Manhattan
- Square Footage: 163,311
- Units: 26
Queensgate Investments, through their representative 23 Lexington Associates LLC, has entered into a loan modification agreement with Trimont for a hotel property located at 135 East 23rd Street in Kips Bay, Manhattan. The loan amount is $147.2 million.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93