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Jasmin Patel Secures $38 Million Construction Loan From Industrial & Commercial Bank Of China For Hotel In New York City
FINANCED
$38,000,000
New York
See Similar DealsHotel23,370 SF
Financed 02/27/2025
FINANCED
Jasmin Patel Secures $38 Million Construction Loan From Industrial & Commercial Bank Of China For Hotel In New York City
319 West 38th Street & 321 West 38th Street
See Similar DealsHotel23,370 SF
Financed 02/27/2025
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$1,626
Total Square Footage:23,370 SF
Transaction Type:Loan
The asset involved in this transaction is a hotel located at 319 West 38th Street in New York City. The loan amount for this construction project is $38,000,000.00, which enables the development and improvement of the property.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $38,000,000.00
- Loan Type: Construction
- Lender: Industrial & Commercial Bank Of China
- Landlord: Jasmin Patel
- Date of Loan: 02/27/2025
- Market: New York City
The key individuals and entities involved in this transaction include Jasmin Patel, the landlord of the property, and the Industrial & Commercial Bank Of China, acting as the lender facilitating the construction loan.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$38,000,000.00
Monthly NOI$253,333.33
Monthly Debt Service$240,185.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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