Gary Barnett's Extell Development Secures $220M Construction Loan For Midtown Hotel
32 West 48th Street
$220,000,000
Building Size
—
Asset Type
Hotel
Closing
Dec 27, 2023
About this deal
AI
A 31-story, 534-key hotel located at 32 West 48th Street in Midtown Manhattan, near Rockefeller Center, has secured $220 million in construction financing from Banco Inbursa. The hotel is owned by Gary Barnett of Extell Development.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $220,000,000
- Address: 32 West 48th Street
- Market: Midtown Manhattan
- Lender: Banco Inbursa
- Landlord: Gary Barnett - Extell Development
- Loan Type: Construction
Extell Development, led by Gary Barnett, successfully secures $220 million in construction financing from Banco Inbursa for the development of a 534-key hotel in Midtown Manhattan, showcasing the commitment of prominent individuals and institutions in shaping the city's hospitality landscape.
On the Map
$220,000,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93