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Brenda E. Rosen Of Breaking Ground Secures $120.8 Million Loan For Hotel Conversion In Manhattan
FINANCED
$120,800,000
New York
See Similar DealsHotel247,615 SF
Financed 12/19/2024
FINANCED
Brenda E. Rosen Of Breaking Ground Secures $120.8 Million Loan For Hotel Conversion In Manhattan
1760 Third Avenue
See Similar DealsHotel247,615 SF
Financed 12/19/2024
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$487
Total Square Footage:247,615 SF
Transaction Type:Loan
The asset involved in this transaction is a hotel located at 1760 Third Avenue in the Carnegie Hill neighborhood of Manhattan, encompassing 247,615 square feet. The property is being developed to provide 434 affordable housing units.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $120,800,000
- Lender: RuthAnne Visnauskas - NYS Housing Finance Agency
- Landlord: Brenda E. Rosen - Breaking Ground
- Loan Type: Construction
The transaction involves the non-profit organization Breaking Ground, which has secured a construction loan to convert the hotel into affordable housing. RuthAnne Visnauskas represents the NYS Housing Finance Agency as the lender for this project.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$120,800,000.00
Monthly NOI$805,333.33
Monthly Debt Service$763,538.17
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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