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Joe Sitt Of Thor Equities Secures $53.5M Refinance From Argentic Real Estate Finance For Hotel
FINANCED
$53,500,000
New York
See Similar DealsHotel
Financed 10/01/2025
FINANCED
Joe Sitt Of Thor Equities Secures $53.5M Refinance From Argentic Real Estate Finance For Hotel
27 Grand Street
See Similar DealsHotel
Financed 10/01/2025
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Loan
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.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$53,500,000.00
Monthly NOI$356,666.67
Monthly Debt Service$338,156.39
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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