State Bank Of Texas Provides $36.75M Construction Loan For Herald Square Hotel
34 West 38th Street, New York City, New York 10018, United States
$36,750,000
Building Size
—
Asset Type
Hotel
Closing
Oct 25, 2022
About this deal
AI
A construction loan for the property located at 34-36 West 38th St, Herald Square has been secured by Onboard Hospitality LLC. The loan, amounting to $36,750,000, was obtained from the State Bank of Texas. The asset type for this transaction is a hotel.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $36,750,000
- Address: 34-36 West 38th St
- Market: Herald Square
The lender for this loan is the State Bank of Texas, while the landlord is Onboard Hospitality LLC. This construction loan provides financing for the development of the hotel property located at 34-36 West 38th St in Herald Square.
On the Map
$36,750,000
Hotel
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New York Hotel Market Snapshot
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93