Radson Development Refinances Long Island City Hotel With $25M Loan From Ponce Bank
29-14 39th Avenue, Queens, New York 11101, United States
$25,000,000
$392/SF
Building Size
63,648 SF
Asset Type
Hotel
Closing
Jun 28, 2022
AI
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.
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
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93