FINANCEDHotel
New York Life Insurance Lends $63 Million For Hotel Refinance By Krishna K. Mehta
340 West 40th Street
$63,000,000
Building Size
—
Asset Type
Hotel
Closing
Aug 31, 2026
About this deal
AI
The asset involved in the transaction is the Delta Hotels by Marriott New York Times Square, located at 340 West 40th Street, Manhattan. This hotel features 310 rooms and is classified within the hospitality sector. The transaction was facilitated through a refinance loan amounting to $63 million.
Summary of transation details:
- Property Type: Hotel
- Transaction Amount: $63,000,000
- Asset Address: 340 West 40th Street
- Market: Manhattan
- Landlord: Krishna K. Mehta
- Lender: New York Life Insurance
- Loan Type: Refinance
- Previous Loan Amount: $61,500,000
- Previous Loan Type: CMBS
- Keys: 310
This transaction involved the refinancing process overseen by New York Life Insurance Co., allowing Krishna K. Mehta’s family to address the matured $61.5 million CMBS loan. The refinancing arrangement highlights the financial maneuvers orchestrated by the entities involved to sustain ownership of the asset.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93