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Michael Barry Of Ironstate Development Secures $35 Million Refinance Loan For The Standard East Village Hotel
FINANCED
$35,000,000
New York
See Similar DealsHotel
Financed 08/01/2025
FINANCED
Michael Barry Of Ironstate Development Secures $35 Million Refinance Loan For The Standard East Village Hotel
25 Cooper Square
See Similar DealsHotel
Financed 08/01/2025
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Loan
The Standard East Village hotel, located at 25 Cooper Square in the East Village neighborhood of Manhattan, is the property asset involved in this transaction. It underwent a refinance process with a new loan amounting to $35,000,000 from East West Bank, which decreased the prior debt from $40,000,000 held by M&T Bank.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $35,000,000
- Lender: East West Bank
- Landlord: Michael Barry - Ironstate Development
- Date of Transaction: 08/01/2025
Michael Barry represents Ironstate Development in the refinance transaction for The Standard East Village hotel, which is managed under Cooper AB, LLC. The previous financing relationship with M&T Bank has been transitioned to East West Bank with this new loan structure.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$35,000,000.00
Monthly NOI$233,333.33
Monthly Debt Service$221,223.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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