Sam Chang's Hotel In Garment District Refinanced With $75M Loan From Oak Hill Advisors
16 East 39th Street, New York, NY 10016
$75,000,000
$15,188/SF
Building Size
4,938 SF
Asset Type
Hotel
Closing
Jul 13, 2020
About this deal
AI
The hotel located at 16 East 39th Street in the Garment District was recently involved in a loan transaction. The property, which consists of 165 keys, has been refinanced with a loan amount of $75,000,000. The loan was provided by Oak Hill Advisors, a lending company. The landlord of the hotel is McSam Hotel Group.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $75,000,000
- Address: 16 East 39th Street
- Market: Garment District
- Keys: 165
In this refinancing deal, Oak Hill Advisors provided a loan of $75,000,000 to the hotel property located at 16 East 39th Street. The hotel, with a total of 165 keys, is owned by McSam Hotel Group. The loan will support the hotel's ongoing operations and future improvements.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93