Mack Real Estate Credit Strategies Provides $185M Construction Loan For Midtown Hotel
250 West 43rd Street, New York City, New York 10036, United States
$185,000,000
$774/SF
Building Size
238,818 SF
Asset Type
Hotel
Closing
Aug 1, 2022
About this deal
AI
The hotel property located at 250 West 43rd Street in Midtown was recently involved in a closed transaction. The property consists of 570 keys and was the subject of a construction loan.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $185,000,000
- Address: 250 West 43rd Street
- Market: Midtown
Adi Chugh and Joseph Chetrit were the key individuals involved in this transaction. Adi Chugh, representing Surya Capital Partners, acted as the broker in the deal. Joseph Chetrit, from The Chetrit Group, served as the landlord. The lender for the construction loan was Mack Real Estate Credit Strategies.
On the Map
$185,000,000
$774/SF
Hotel
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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
0.09%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93