Rattan Chadha & Shai Shamir Secure $82.5M & $65.76M Loans For 189 Bowery & 218 West 50th Street Hotel
189 Bowery, New York, NY, USA
$82,500,000
Building Size
—
Asset Type
Hotel
Closing
Jul 23, 2020
About this deal
AI
Rattan Chadha and Shai Shamir have secured a loan for their hotel assets located at 189 Bowery and 218 West 50th Street. The properties are situated in the Lower East Side and Midtown West markets, respectively.
Summary of transaction details
- Property Type: Hotel
- Loan Amount: $82,500,000 (189 Bowery) and $65,760,000 (218 W. 50th St.)
- Lender: JPMorgan Chase
- Landlord: Rattan Chadha of citizenM and Shai Shamir of Brack Capital Real Estate 🇮🇱
JPMorgan Chase provided the loan for the hotel assets owned by Rattan Chadha and Shai Shamir. Rattan Chadha represents citizenM, while Shai Shamir represents Brack Capital Real Estate.
On the Map
$82,500,000
Hotel
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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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93