MCR Development Secures $20 Million Loan From Bank Of Montreal For Hotel At 2 Lexington Avenue

The asset involved in this transaction is a hotel located at 2 Lexington Avenue in the Gramercy market of Manhattan. The property encompasses a total square footage of 188,933 and is linked to a ground lease transaction. The loan amount secured for this property is $20,000,000, evaluated at a rate of $105 per square foot.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $20,000,000
• Address: 2 Lexington Avenue
• Market: Gramercy, Manhattan
• Asset Size: 188,933 sq. ft.
• Lender: Bank of Montreal (BOM)
• Landlord: MCR Development

The key individuals and companies involved in this transaction include MCR Development, which secured the financing through their entity M4 Gramercy Park Hotel LLC. The loan was facilitated by the Bank of Montreal, providing crucial backing for the ground lease at this location.