Benderson Development Secures $54M Refinance Loan For Hotel In Manhattan's Garment District
220 West 41st Street
$54,000,000
$382/SF
Building Size
141,335 SF
Asset Type
Hotel
Closing
Aug 15, 2024
AI
The asset involved in this transaction is a hotel located at 220 West 41st Street, situated in Manhattan's Garment District. The property encompasses a total square footage of 141,335 and is being refinanced with a loan amount of $54,000,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $54,000,000
- Address: 220 West 41st Street
- Market: Garment District, Manhattan
- Lender: Jennifer A. Marler - Guggenheim Partners
- Landlord: Jason C. Lynch - Benderson Development
- Loan Type: Refinance
Key individuals in this transaction include Jennifer A. Marler representing Guggenheim Partners, who is the lender in this refinancing deal, and Jason C. Lynch, representing Benderson Development as the landlord of the property.
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
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93