Extell Development's Gary Barnett And Guggenheim Investments' Scott Minerd Secure $325M Loan For Times Square Hotel
159 West 48th Street, New York City, New York 10036, United States
$325,000,000
Building Size
—
Asset Type
Hotel
Closing
Mar 7, 2022
About this deal
AI
Located at 159 West 48th Street in Times Square, the property involved in this closed transaction is a hotel. The loan amount of $325,000,000 was secured for the refinance. The deal was finalized on 03/08/2022, and the property consists of 446 keys.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $325,000,000
- Address: 159 West 48th Street
- Market: Times Square
- Lender: Guggenheim Investments - Scott Minerd
- Landlord: Extell Development - Gary Barnett
- Loan Type: Refinance
The loan was secured through Guggenheim Investments, with Scott Minerd representing the lender. Extell Development, represented by Gary Barnett, acted as the landlord in this transaction. The property, located in Times Square, is a hotel with 446 keys. The loan of $325,000,000 was obtained to refinance the property.
On the Map
$325,000,000
Hotel
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93