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189 Bowery

Updated Oct 7, 2025

Rattan Chadha's CitizenM Secures $82.5M Refinance Loan From J.P. Morgan Chase For Hotel
FINANCEDHotel

Rattan Chadha's CitizenM Secures $82.5M Refinance Loan From J.P. Morgan Chase For Hotel

189 Bowery

$82,500,000

$1,038/SF

Building Size

79,408 SF

Asset Type

Hotel

Closing

Sep 26, 2025

About this deal

AI

The property asset involved in this transaction is a hotel located at 189 Bowery in the Lower East Side of Manhattan. The total square footage of the asset is 79,408. CitizenM refinanced the property with a loan amount of $82,500,000 from J.P. Morgan Chase, which matches the prior debt amount. The property was acquired in 2010 for $24.1 million. The refinancing transaction was closed on September 26, 2025, and recorded on October 1, 2025.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $82,500,000
  • Lender: J.P. Morgan Chase
  • Landlord: Rattan Chadha - citizenM
  • Asset Address: 189 Bowery
  • Market: Lower East Side, Manhattan
  • Asset Size: 79,408 square feet
  • Acquisition Price: $24,100,000
  • Refinance Closing Date: September 26, 2025
  • Refinance Recording Date: October 1, 2025

The transaction highlights Rattan Chadha, representing citizenM, as the landlord involved in the refinancing deal for the hotel. The refinancing was executed through J.P. Morgan Chase, maintaining the financial structure established during the acquisition of the property.

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$82,500,000

$1,038/SF

Hotel

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Players

J.P. Morgan Chase
J.P. Morgan ChaseLender

Rattan Chadha

citizenM

Landlord

$174M

vol

3 deals

Landlord
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New York Hotel Market Snapshot

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Deal FAQ

About $1K per square foot on a published $82.5M for 79,408 square feet (2025).

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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

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