Lam Generation Secures $22M Refinance Loan For Hotel In Grand Central, Manhattan
21 W 37th St, New York, NY 10018, United States
$22,000,000
$634/SF
Building Size
34,690 SF
Asset Type
Hotel
Closing
Jul 28, 2023
AI
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
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
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93