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Gary Barnett's Extell Development Secures $220M Construction Loan For Midtown Hotel
FINANCED
$220,000,000
New York
See Similar DealsHotel
Financed 12/27/2023
FINANCED
Gary Barnett's Extell Development Secures $220M Construction Loan For Midtown Hotel
32 West 48th Street
See Similar DealsHotel
Financed 12/27/2023
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$220,000,000.00
Monthly NOI$1,466,666.67
Monthly Debt Service$1,390,549.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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