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Richard Born Of BD Hotels Refinances Blakely Hotel In Midtown Manhattan For $20 Million
FINANCED
$20,000,000
New York
See Similar DealsHotel70,478 SF
Financed 06/01/2025
FINANCED
Richard Born Of BD Hotels Refinances Blakely Hotel In Midtown Manhattan For $20 Million
136 West 55th Street
See Similar DealsHotel70,478 SF
Financed 06/01/2025
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$283
Total Square Footage:70,478 SF
Transaction Type:Loan
The property asset involved in this transaction is the Blakely Hotel located at 136 West 55th Street in the Midtown West neighborhood of Manhattan. This hotel encompasses a total square footage of 70,478. The refinance transaction was supported by a loan amount of $20,000,000 from Apple Bank.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $20,000,000
- Lender: Apple Bank
- Landlord: Richard Born - BD Hotels, Gerald Barad & Jay Domb
- Loan Type: Refinance
The individuals involved in this transaction include Richard Born, representing BD Hotels, along with his partners Gerald Barad and Jay Domb. They successfully refinanced the existing mortgage for the Blakely Hotel, aligning with their previous debt commitments.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,000,000.00
Monthly NOI$133,333.33
Monthly Debt Service$126,413.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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