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
About this deal
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.
The hotel loan at 29-14 39th Avenue, Queens, New York 11101, United States in New York, New York financed for $25M in 2022. The building is 63,648 square feet, implying about 392 per square foot on the published price. This page is the New York, New York file for the 29-14 39th Avenue, Queens, New York 11101, United States hotel financed: pricing, party profiles, and other closed hotel comps from the same New York sit in the Market section below. Filter that New York hotel set by closing date to see what else financed near 29-14 39th Avenue, Queens, New York 11101, United States around 2022. Published consideration for 29-14 39th Avenue, Queens, New York 11101, United States is $25M, dated 2022. Cite this Radson Development Refinances Long Island City Hotel With $25M Loan From Ponce Bank loan when underwriting similar hotel product around New York, New York.
Players
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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