School Of Visual Arts Secures $13.6M Refinance Loan For Gramercy Women's Residence
17 Gramercy Pk S, New York, NY 10003, United States
$13,616,291
Building Size
—
Asset Type
Hotel
Closing
Aug 18, 2023
About this deal
AI
The School of Visual Arts, represented by Chelgram Holding Corporation, has secured a refinancing loan worth $13.6 million for the Gramercy Women's Residence at 17 Gramercy Park South in Manhattan. The loan was provided by Lakeland Bank.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $13,616,291
- Address: 17 Gramercy Park South, Gramercy, Manhattan
- Market: Gramercy, Manhattan
- Lender: Lakeland Bank
- Landlord: School of Visual Arts - David Rhodes
This refinance deal involves the Gramercy Women's Residence located at 17 Gramercy Park South in Manhattan. The property, currently owned by the School of Visual Arts and represented by Chelgram Holding Corporation, has secured a refinancing loan of $13.6 million from Lakeland Bank. This loan will enable the School of Visual Arts to optimize their financial position and continue providing top-notch accommodation services for the Gramercy Women's Residence.
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.17%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93