Weihong Hu's H 317-319 LLC Secures $15M Construction Loan For Garment District Hotel
319 W 35th St New York, NY 10001, USA
$15,000,000
Units
166
Asset Type
Hotel
Closing
Apr 26, 2023
About this deal
AI
In the Garment District of Manhattan, a hotel project at 319 West 35th Street has secured a $15,000,000 construction loan from Shanghai Commercial Bank. This loan was obtained by Weihong Hu's H 317-319 LLC, and the deal was closed on April 26, 2023. The hotel project will consist of 166 units.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $15,000,000
- Address: 319 West 35th Street
- Market: Garment District, Manhattan
- Lender: Shanghai Commercial Bank
- Landlord: Weihong Hu
- Loan Type: Construction
Weihong Hu's H 317-319 LLC was able to secure a $15,000,000 construction loan from Shanghai Commercial Bank for their hotel project at 319 West 35th Street. The prior lender for this project was also Shanghai Commercial Bank. This loan will provide the necessary funds to complete the construction of the 166-unit hotel.
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$15,000,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93