Maverick Real Estate Partners Acquires $110M Loan For Midtown Hotel From Arbor Commercial Mortgage
255 West 34th Street, New York City, New York 10001, United States
$110,000,000
$707/SF
Building Size
155,594 SF
Asset Type
Hotel
Closing
May 22, 2022
About this deal
AI
The Chetrit Group, a real estate company, recently took out a $110 million acquisition loan for a hotel property located at 255 West 34th Street in Midtown. The hotel spans a total of 155,594 square feet and has 323 rooms. Maverick Real Estate Partners provided the loan to Chetrit Group, purchasing it from Arbor Commercial Mortgage.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $110,000,000
- Property Size: 155,594 SF
- Number of Rooms: 323
- Address: 255 West 34th Street
- Market: Midtown
The loan was facilitated by Maverick Real Estate Partners, a lending company. The representatives from Cushman & Wakefield, namely Adam Spies, Adam Doneger, Lauren Kaufman, and Daniel O'Brien, acted as brokers in the transaction on behalf of Chetrit Group, the owner and 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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93