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214 East 42nd Street

Davidson Kempner Capital Management Secures $150M Loan For Hotel At 214 East 42nd Street, Grand Central, Manhattan
FINANCEDHotel

Davidson Kempner Capital Management Secures $150M Loan For Hotel At 214 East 42nd Street, Grand Central, Manhattan

214 East 42nd Street

$150,000,000

$290/SF

Building Size

517,158 SF

Asset Type

Hotel

Closing

Aug 9, 2023

AI

The hotel building located at 214 East 42nd Street in Grand Central, Manhattan, has secured a $150 million loan from Apollo Global Management. The loan transaction was facilitated by Athene Annuity And Life Company. The hotel spans a total area of 517,158 square feet.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $150,000,000
  • Address: 214 East 42nd Street, Grand Central, Manhattan
  • Market: Grand Central, Manhattan
  • Lender: Apollo Global Management
  • Landlord: Davidson Kempner Capital Management - Anthony Yoseloff & Eric Epstein

Davidson Kempner Capital Management, represented by Dk Wgc Fee Owner LLC, successfully secured the loan from Apollo Global Management for the hotel building at 214 East 42nd Street. The deal was facilitated by Athene Annuity And Life Company. Anthony Yoseloff and Eric Epstein acted as representatives for Davidson Kempner Capital Management in the transaction.

Players

Apollo Bank
Apollo BankLender

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

0.11%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93