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Prakashkumar Patel Refinances Hyatt Hotel With $11.8M Loan From Dime Community Bank
FINANCED
$11,800,000
New York
See Similar DealsHotel
Financed 04/04/2024
FINANCED
Prakashkumar Patel Refinances Hyatt Hotel With $11.8M Loan From Dime Community Bank
27-03 43rd Avenue
See Similar DealsHotel
Financed 04/04/2024
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Loan
The Hyatt hotel located at 27-03 43rd Avenue in Long Island City, Queens has been successfully refinanced by the owner, Prakashkumar Patel, with the assistance of Dime Community Bank. The loan amount for this hotel asset refinancing totaled $11.8 million.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $11,800,000
- Address: 27-03 43rd Avenue
- Market: Long Island City, Queens
- Lender: Dime Community Bank
- Landlord: Prakashkumar Patel
- Loan Type: Refinance
The refinancing deal for the Hyatt hotel at 27-03 43rd Avenue was facilitated by Dime Community Bank, with Prakashkumar Patel as the landlord overseeing the transaction.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$11,800,000.00
Monthly NOI$78,666.67
Monthly Debt Service$74,584.03
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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