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Kaushik Patel Secures $6.8 Million Loan From Parke Bank For 70-Room Hotel In Melrose Bronx
FINANCED
$6,800,000
New York
See Similar DealsHotel22,031 SF
Financed 07/31/2024
FINANCED
Kaushik Patel Secures $6.8 Million Loan From Parke Bank For 70-Room Hotel In Melrose Bronx
290 East 150th Street
See Similar DealsHotel22,031 SF
Financed 07/31/2024
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$308
Total Square Footage:22,031 SF
Transaction Type:Loan
The property asset involved in this transaction is a hotel located at 290 East 150th Street in the Melrose neighborhood of Bronx. The hotel consists of 70 units and offers a total square footage of 22,031. It has a secured loan amount of $6,800,000 from Parke Bank for its construction.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $6,800,000
- Address: 290 East 150th Street
- Market: Melrose, Bronx
- Square Footage: 22,031
- Units: 70
- Lender: Parke Bank
- Landlord: Kaushik Patel
Kaushik Patel is the landlord associated with the project, representing the interests in securing funding for the construction of the hotel through the loan obtained from Parke Bank.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$6,800,000.00
Monthly NOI$45,333.33
Monthly Debt Service$42,980.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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