Joe Sitt Of Thor Equities Secures $53.5M Refinance From Argentic Real Estate Finance For Hotel
27 Grand Street
$53,500,000
Building Size
—
Asset Type
Hotel
Closing
Oct 1, 2025
About this deal
AI
The asset involved is a hotel located at 27 Grand Street in SoHo, Manhattan, featuring 114 keys. Thor Equities acquired the property in 2017 for $66.3 million and has since secured a refinance for $53.5 million. The property previously obtained a refinancing of $50.1 million from Ramsfield Hospitality Finance in 2022.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $53,500,000
- Lender: Argentic Real Estate Finance
- Landlord: Joe Sitt - Thor Equities
- Original Purchase Price: $66,300,000
- Previous Refinance Amount: $50,100,000
- Date of Transaction: 10/01/2025
- Market: SoHo, Manhattan
The key individual in this transaction is Joe Sitt, representing Thor Equities as the landlord. Argentic Real Estate Finance is the lender facilitating the refinance for the ModernHaus SoHo hotel.
On the Map
$53,500,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93