David Lifschitz's Gehr Group Refinances Hotel With $18.2M Loan From MidFirst Bank
330 West 40th Street
$18,200,000
$178/SF
Building Size
102,000 SF
Asset Type
Hotel
Closing
Apr 2, 2024
About this deal
AI
The hotel property at 330 West 40th Street in Manhattan's Garment District, home to the Fairfield Inn & Suites by Marriott New York Manhattan/Times Square, has secured an $18.2 million refinancing deal with MidFirst Bank. The property spans 102,000 square feet and is owned by David Lifschitz's Gehr Group.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $18,200,000
- Address: 330 West 40th Street
- Market: Garment District, Manhattan
- Lender: MidFirst Bank
- Landlord: David Lifschitz - Gehr Group
David Lifschitz's Gehr Group successfully closed the $18.2 million refinancing deal with MidFirst Bank for the hotel property located in Manhattan's Garment District. This transaction highlights the strategic financial management and investment decisions made by Lifschitz and the Gehr Group in the competitive Manhattan real estate market.
On the Map
$18,200,000
$178/SF
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.87%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93