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Lam Generation Secures $22M Refinance Loan For Hotel In Grand Central, Manhattan

Property Image
FINANCED
$22,000,000

New York

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Hotel34,690 SF
Financed 07/28/2023
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Property Image
FINANCED

Lam Generation Secures $22M Refinance Loan For Hotel In Grand Central, Manhattan

21 W 37th St, New York, NY 10018, United States

See Similar Deals
Hotel34,690 SF
Financed 07/28/2023
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Hotel
Price Per Square Foot:$634
Total Square Footage:34,690 SF
Transaction Type:Loan

The hotel building located at 21 West 37th Street in Grand Central, Manhattan has secured a $22 million refinance loan from Metropolitan Commercial Bank. The property, with a total area of 34,690 square feet, is owned by Lam Generation, represented by John Lam. The loan was obtained to refinance the existing debt on the hotel.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $22,000,000
  • Address: 21 West 37th Street
  • Market: Grand Central, Manhattan
  • Lender: Metropolitan Commercial Bank
  • Lender Representatives: Dennis Graham & Ross Dahman
  • Landlord: Lam Generation
  • Landlord Representative: John Lam

The refinance loan was facilitated by Metropolitan Commercial Bank, with Dennis Graham and Ross Dahman representing the bank in the transaction. Lam Generation, led by John Lam, serves as both the owner of the hotel building and the borrower in this deal. The loan amount of $22 million will provide Lam Generation with improved financial flexibility and help support their ongoing operations.

Players

Metropolitan Commercial Bank
Metropolitan Commercial Bank
LENDER
JL
John Lam
3 deals$71.3M volume
LANDLORD

Details

FINANCED
IMAGE: John Lam DATE: 07/28/2023 ADDRESS: 21 West 37th Street MARKET: Grand Central, Manhattan ASSET TYPE: Hotel ~ SF: 34,690 LENDER: Metropolitan Commercial Bank (@MCBankNY) - Dennis Graham & Ross Dahman LANDLORD: Lam Generation - John Lam LOAN AMOUNT: $22,000,000 LOAN TYPE: Refinance NOTE: Lam Generation secured a $22 million refinance loan from Metropolitan Commercial Bank for the hotel building at 21 West 37th Street in Grand Central, Manhattan.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$22,000,000.00

Monthly NOI$146,666.67
Monthly Debt Service$139,054.97
Change in Cash Flow$0.00
Refinance Proceeds$0.00