OTO Development Secures $96 Million Refinancing Loan From Fifth Third Bank For Hotel In Garment District
252 West 40th Street
$96,000,000
$796/SF
Building Size
120,566 SF
Asset Type
Hotel
Closing
Aug 27, 2025
AI
The asset involved in this transaction is a hotel located at 252 West 40th Street in the Garment District of Manhattan. The hotel has a building size of 120,970 BSF and a total square footage of 120,566.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $96,000,000
- Lender: Fifth Third Bank
- Landlord: Rob Rain - OTO Development
- Loan Type: Refinance
OTO Development, represented through Palmetto Hospitality of Manhattan III, secured the refinancing loan from Fifth Third Bank, facilitating the management and operation of the hotel at the specified address.
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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93