Magna Hospitality Refinances Chelsea Hotel In Manhattan For $101.5M
FINANCED
$101,500,000
New York
See Similar DealsHotel172 SF
FINANCED
Magna Hospitality Refinances Chelsea Hotel In Manhattan For $101.5M
140 West 24th Street, New York City, New York 10011, United States
See Similar DealsHotel172 SF
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$590,116
Total Square Footage:172 SF
Transaction Type:Loan
The hotel located at 140-142 West 24th Street in Chelsea, Manhattan has recently undergone a loan transaction. The property, spanning 172,767 square feet, is owned by Magna Hospitality Group, represented by Douglas C. Stevens. Apollo Global Management, headed by Jeffrey Horowitz, provided a refinancing loan for this transaction.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $101,500,000
- Loan Type: Refinance
Jeffrey Horowitz from Apollo Global Management served as the lender in this loan transaction, providing a loan amount of $101,500,000 to Magna Hospitality Group. Meanwhile, representing Magna Hospitality Group in this deal, Douglas C. Stevens acted as the landlord. This refinancing loan serves to support the operations and management of the hotel property located at 140-142 West 24th Street.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$101,500,000.00
Monthly NOI$676,666.67
Monthly Debt Service$641,549.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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