MRR Development Refinances Hotel Indigo On Lower East Side With $113M Loan
171 Ludlow Street, New York City, New York 10002, United States
$113,000,000
Building Size
—
Asset Type
Hotel
Closing
Feb 22, 2022
AI
The property involved in this transaction is a hotel located at 171 Ludlow St in the Lower East Side market. The loan obtained for this property is a refinance loan with an amount of $113,000,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $113,000,000
- Address: 171 Ludlow St
- Market: Lower East Side
MRR Development, represented by Rotem Rosen and Anand Mahindra, is the landlord of the property. The loan is being used to refinance the Hotel Indigo on Manhattan's Lower East Side and to purchase a site in Miami's Arts & Entertainment district.
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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93