Radson Development Refinances Long Island City Hotel With $25M Loan From Ponce Bank
FINANCED
$25,000,000
New York
See Similar DealsHotel63,648 SF
Financed 06/29/2022
FINANCED
Radson Development Refinances Long Island City Hotel With $25M Loan From Ponce Bank
29-14 39th Avenue, Queens, New York 11101, United States
See Similar DealsHotel63,648 SF
Financed 06/29/2022
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$392
Total Square Footage:63,648 SF
Transaction Type:Loan
Located at 29-14 39th Avenue in Long Island City, this hotel property has recently undergone a refinance transaction. With a total square footage of 63,648, it is a significant asset in the market.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $25,000,000
- Lender: Ponce Bank
- Landlord: Radson Development
Ponce Bank provided a loan amounting to $25,000,000 to allow the landlord, Radson Development, to refinance the hotel property. This transaction signifies a significant financial step for both parties involved.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$25,000,000.00
Monthly NOI$166,666.67
Monthly Debt Service$158,017.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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